Bermuda can boast the highest Gross Domestic Product (GDP) per capita in the world, following the release of Government figures yesterday.

The Island?s total GDP ? the market value of all the goods and services produced ? rose by 9.1 percent in 2005, driven upwards chiefly by the expansion of the international business sector.

Bermuda?s total GDP was estimated at $4.857 billion ? or a remarkable $76,403 per head.

According to the Central Intelligence Agency World Factbook web-site, that puts Bermuda at the top of the GDP per capita global league table, with second-placed Luxembourg more than $10,000 behind in 2005.

In comparison, the US had a GDP per capita over the same year of $41,600, Canada $33,900 and the UK $30,100.

The figures showed substantial rises in the output of construction, tourism, business services and real estate, as well as international business.

But the output of the retail sector saw only a slight rise ? a decline after inflation was taken into account.

A loss of 218 retails jobs reflected the closure of Trimingham?s and the sector was also hit by a 14 percent increase in overseas spending by residents.

Inflation hit 3.1 percent for the year in terms of the Consumer Price Index, the rise in the price of a fixed ?shopping basket? of goods.

But in GDP calculations a different measure, known as economy-wide inflation, is used. This figure, which takes into account changing consumption patterns, rather than using the fixed-list method, hit 4.3 percent in 2005.

A statement from Government?s Economic Statistics and National Accounts Division said international business, the biggest employer on the Island, had contributed more than $1 billion directly to the GDP, as output increased by 13.9 percent.

That figure was bolstered by a wave of start-up insurance companies, established here in the wake of hurricanes Katrina, Rita and Wilma. The storms caused billions of dollars worth of damage and boosted demand for reinsurance.

The figures also reflect the wider importance of international business to the Island?s economy. ?This was reflected in the output of the business activities industry, including computer, accounting and legal services, which grew 12.7 percent,? the Government release said.

?The output of the financial services industry jumped 16.9 percent reflecting strong demand from international business and the local economy.?

Construction continued to boom in 2005, as its output increased by 21.3 percent, fuelled by demand for commercial office space from the international business and financial sectors.

The industry contributed $330.9 million to the GDP and construction was also the biggest generator of new jobs, as it added 264 new employees, a rise in the payroll of eight percent.

?Demand for construction services was also vibrant in the hotel industry for both fractional hotel units, such as condominium complexes, and standard hotel structures,? the Government release added.

?Steady building development of educational facilities, in both the private and public sector, also contributed to the buoyant construction activity in 2005.?

Rental commercial and residential property was the major contributor to real estate output which rose by 10.3 percent to $730.5 million.

Output in the tourism sector rose 12.6 percent in 2005, helped by the first full year back in operation for some of the major hotels that were forced to close after the havoc wreaked by Hurricane Fabian in 2003.

Visitor numbers increased by 8.3 percent, driven by a 20.1 percent rise in cruise ship arrivals.

Landscaping was another boom industry, with nearly 600 people (almost one percent of the population) employed as gardeners.

It helped the agricultural, forestry and fishing sector?s output climb by 2.5 percent.

The fire which temporarily closed down the Belco plant in the summer of 2005 was the main reason why the electricity and water supply sector was the only one to report a lower dollar output.