Bermuda’s gross domestic product (GDP) grew for the first time in five years in 2013.

However, after inflation is taken into account the Island’s economy continued to shrink.

Government statistics released today showed GDP — the total value of goods and services produced in Bermuda — totalled $5.6 billion last year, representing an increase of 0.7 percent from 2012.

GDP per capita rose slightly to $85,747.

When adjusted for inflation, economic activity declined 2.5 percent from the previous year.

Economic activity grew 3.9 percent in the international business sector, which accounted for 25 percent of Bermuda’s economy.

But the economic contribution of companies offering support services to international businesses such as legal, accounting and management services continued on the downward trend they have followed since 2009, falling 5.3 percent in 2013.

Hotels and restaurants had differing fortunes. Hotels saw room sales advance nine percent, while their food and beverage sales also increased 14 percent.

However, the restaurant industry struggled in 2013 marked by a 10.2 percent decline in sales leading to an overall 8.4 percent decrease in their contribution to Bermuda’s GDP.

Construction activity fell, as did the contribution of public administration, as Government tightened its purse strings.