Report: tourism added $815m to economy in 2022
Rebounding tourism contributed $815 million to the island’s economy in 2022, according to the recently released Tourism Satellite Account report.
The report, produced by the Department of Statistics, is intended to highlight the industry’s direct, indirect and induced effects on output, employment and wages.
Jason Hayward, the Minister of Economy and Labour, said in a statement that in 2022, tourism contributed 2.8 per cent of Bermuda’s total gross domestic product.
“Gross value added from activities of tourism-related establishments, such as hotels, restaurants, travel agencies and passenger transport businesses, totalled $815 million,” he said.
“Of this total, gross value added derived from direct tourist spending accounted for 36.2 per cent or $295 million."
“The tourism industry provided 2,113 jobs in 2022, an 85.8 per cent increase compared to 2021. These jobs accounted for approximately 6.6 per cent of the total jobs in the Bermuda economy.
“Employment of Bermudian workers related directly to tourism represented 67.4 per cent (1,425 workers), a 74 per cent increase compared to 2021.”
Mr Hayward said that factoring in the multiplier effects of visitor spending on output, employment and household wages, tourism indirectly contributed an additional $90 million in economic value and 290 additional jobs.
“The combined direct and indirect effects on wages were $261 million in 2022,” he said.
“The spending of these wages in the Bermuda economy, in turn, has a multiplier effect by further creating additional jobs and wages, referred to as the induced effect of tourism spending.
“These induced effects were measured at 522 jobs and $57 million in wages. Tourism's contribution to government revenue in 2022 was $151 million or 13.6 per cent of the total revenue.”
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