ICT sector gives economy a $213m boost

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  • Cutting edge: capital investment is growing, but the number of jobs in Bermuda’s ITC sector has fallen by 2.6 per cent

    Cutting edge: capital investment is growing, but the number of jobs in Bermuda’s ITC sector has fallen by 2.6 per cent

The information technology sector boosted Bermuda’s economy by $213 million last year. That is equivalent to 3.6 per cent of the island’s gross domestic product.

Capital investment in the sector went up by more than a third, from $88 million to $119 million.

The extra investment included a near-$40 million increase in IT equipment purchases, while there was an $8.5 million reduction in the purchase of computer software.

But the number of staff working in IT fell by six posts, a 2.6 per cent reduction, and ICT-related job numbers also fell by 23, or 2.6 per cent.

The ICT sector accounted for 2.1 per cent of total filled jobs in 2015 — unchanged from the year before.

The figures were contained in the information and communications technology profile for 2015, compiled by Government statisticians.

The survey found that 93 per cent of businesses reported using computers for commercial operations, up 4.8 per cent on 2014.

And nearly seven out of ten firms said they used wi-fi-enabled devices for business, with smartphones the most widely used tool.

The number of businesses that placed online orders increased by 2.4 per cent, while the number of businesses taking orders through the internet jumped by nearly 39 per cent, an increase of 8.9 per cent on the previous year.

Bermuda’s ICT trade deficit increased by $2 million to $60.1 million, a difference of 3.4 per cent, which statisticians said reflected an increase in imports of ICT services of $7.8 million, offset by an increase of exports of $2.7 million.

The majority of island companies, some 58 per cent, did not outsource ICT services. Of those that did, 32.2 per cent gave the business to Bermudian-based firms, with 9.8 per cent contracting overseas companies.

The gross median annual income for ICT-related jobs went up 0.8 per cent to $76,247, which is $12,590 more than the gross median annual for Bermuda.

The number of businesses using the internet to recruit staff went up 18.1 per cent to 46.1 per cent, and use of the internet for staff training also went up by 12.1 per cent to 45.5 per cent.

Businesses that provided online customer service showed an increase, up by 8.7 per cent to 53.7 per cent.

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Published Oct 3, 2016 at 8:00 am (Updated Oct 3, 2016 at 12:30 am)

ICT sector gives economy a $213m boost

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