Bermuda’s gross domestic product surpassed $7 billion in 2024, the Minister of Economy and Labour said yesterday.

Jason Hayward said these figures represent a 1.9 per cent increase from 2023 and show “four consecutive years of economic growth and expansion”.

He added that 12 of Bermuda’s 19 industrial groups contributed to this increase, and the GDP per capita was $143,878, up from $134,450 in 2023.

Mr Hayward said: “Bermuda’s economic growth in absolute terms was led by International Business activities, which grew by $48.5 million.

“This industry, which had a historic 5,040 filled jobs in 2024, was the largest contributor to the GDP at 29.3 per cent of total GDP.

“The information and communication industry experienced the second largest increase in value added, rising 16.4 per cent or $25.1 million, driven primarily by growth in telecommunications services.

Notable growth was also recorded within administrative and support services, construction and quarrying, and human health and social work industries, which rose 12.3 per cent, 8.8 per cent and 6.3 per cent respectively.

Bermuda’s economy increased 6.9 per cent nominally in 2024 compared with 2023.

Mr Hayward said: “We looked at the estimates that the Ministry of Finance put out and exceeded the ministry’s estimates from a nominal standpoint.”

He added: “We still are struggling with overall inflationary pressure, that’s why you see the gap between nominal and real.

“If we can reduce some of that business inflation, we can see greater levels of economic activity, but I think we are poised to continue growth.”

However, not all industries grew last year — wholesale and retail trade, financial and insurance activities, and education declined 3.4 per cent, 1.1 per cent and 3.2 per cent respectively from 2023.

The minister added: “Small declines were also observed in agriculture, forestry and fishing, electricity, water supply and waste management, and public administration.”

He explained: “[Retail] has remained static for a period of time. It is an important sector for the Bermudian economy because it employs a vast amount of Bermudians in our economy, so that is something we will focus our efforts on moving forward.”

Mr Hayward is optimistic about Bermuda’s economy for this year and 2026, but hopes to see growth in the agriculture, forestry and fishing, financial and insurance, and manufacturing industries.

He explained: “Finance and insurance abated a bit in 2024. We certainly don’t want one of our top three sectors contracting, so if we have greater economic activity and expansion in that particular sector, our numbers would be much more improved.”

GDP statistics from the second quarter of 2025 are expected by the end of this year.

Mr Hayward said: “[These statistics] will give us an estimation as to how we’ve progressed over the first six months of the year.

“From that, we can make an estimation on how we’ll probably trend to the back end of the year.”

He added: “The continued expansion across most industries demonstrates the underlying strength, resilience and adaptability of Bermuda’s economy.

“The Economic Development Strategy 2023-27 outlines the economic priorities that will drive the initiatives required for a prosperous economy.”

• Visitgov.bm/department-statistics to review the full GDP report