The Minister for the Cabinet Office with Responsibility for Government Reform, the Hon. Lovitta Foggo, released the 2017 annual Gross Domestic Product (GDP) report (see attached report for reference).

Minister Foggo said, “The publication focuses on growth between the years 2016 and 2017, and provides highlights of Bermuda’s real economic growth by industry.”

The Department of Statistics report indicates that the 2017 growth in real terms was measured at 2.5 %.

The report highlights the impact of the 35th America’s Cup on the economy, noting that the strongest growth was registered by the hotel and restaurant industry and the real estate and renting industry, which grew by $46.6 million and $21.9 million, respectively.

Growth in the GDP led to a 4.1 per cent increase in gross national disposable income and an 8.9 per cent increase in national savings for Bermuda.

Minister Foggo added, “Bermuda experienced a relatively positive year in 2017 in terms of our GDP. While the report highlights the economic impact of the America’s Cup, the reality is that this was a one off event which cost the public purse $103.1 million. This Government has been focused on implementing policies and making investments aimed at diversifying our economy and producing sustainable economic growth. The 2018 outlook indicates that the areas of construction and employment are exhibiting positive signs, and bodes that well for our community.”

The public can access copies of the 2017 Annual GDP report from www.gov.bm/annual-gross-domestic-product.