Bermuda’s economy continued to expand last year, according to figures revealed by the Department of Statistics.

The latest figures confirm that 2025 marked another year of positive growth.

Jason Hayward, Minister of Economy and Labour, disclosed the report which told how the economy grew by 1.0 per cent in real terms to reach $7.2 billion, marking five consecutive years of economic growth.

While the economy recorded growth again, the rate of expansion slowed from 1.7 per cent in 2024 and 5 per cent in 2023.

He said: “Despite an increasingly complex global economic environment, characterised by geopolitical uncertainty, international trade pressures and changing economic conditions, Bermuda's economy has demonstrated resilience, stability and continued progress.

“The results reinforce the importance of maintaining a clear economic development strategy, strengthening our international competitiveness, supporting local businesses, and ensuring that Bermudians have meaningful opportunities to participate in our country's economic success.

“One of the encouraging findings in the annual GDP report is that 11 of Bermuda's 19 industrial groups recorded positive real economic growth in 2025.”

The dossier also showed how Bermuda’s economy increased by 6.5 per cent in nominal terms in 2025, reaching approximately $9.85 billion, and exceeding the Ministry of Finance's estimate of 2.5 to 3 per cent growth.

At present prices, the GDP per capita rose to $154,320 at the end of 2025. This compares with a GDP per capita of $144,705 in 2024.

Mr Hayward added: “Bermuda’s economic growth was led by financial and insurance activities, which grew by 2.8 per cent, or $26.1 million. The performance was supported by non-life insurance which rose 12.8 per cent, and life insurance and pension funding which rose 28.3 per cent.

“International business continued to be Bermuda's largest contributor to GDP, accounting for approximately 29 per cent of total economic output.

“The sector expanded by 0.8 per cent in real terms, adding approximately $16.8 million in value, and having 5,070 filled jobs in 2025.

“The industry’s performance demonstrates the continued importance of Bermuda's international business sector and reinforces the need to preserve our competitive position as a leading international business jurisdiction.

“Construction and quarrying was another positive contributor, rising 5.9 per cent, or $15.6 million due to increased building construction activity throughout the year. This follows growth of 9.1 per cent in 2024, demonstrating two consecutive years of strong expansion in construction activity.

“Other service activities increased 20.3 per cent or $15.0 million, reflecting growth in hairdressing and beauty treatment services and other personal services.

“Other sectors experiencing modest growth include information and communication, and wholesale and retail trade.”

Mr Hayward concluded: “While the overall results are positive, it is important that we acknowledge areas of the economy where performance has been weaker.

“The accommodation and food service activities industry declined by 5.6 per cent or $15.9 million. Education fell 3.7 per cent or $4.2 million. Electricity, water supply and waste management decreased 4.0 per cent, or $3.7 million and manufacturing declined 11.5 per cent or $3.2 million.

“Overall, the annual GDP report on economic activity for 2025 indicates that Bermuda’s economy continues to grow, supported by performance in key industries such as financial and insurance services, international business and construction.

“While growth has moderated compared to recent years, continued expansion across most industries demonstrates the underlying strength and adaptability of Bermuda’s economy.

“Bermuda's economy has recorded five consecutive years of real economic growth, demonstrating resilience and stability.

“Our focus now must be on accelerating that growth, diversifying our economy and ensuring that more Bermudians benefit through employment, homeownership, entrepreneurship and greater economic opportunity.”