Bermuda has the highest gross domestic product per capita in the world after it soared by 10.3 percent.In 2006 the Island generated $5.35 billion of wealth - which works out at $83,935 per person.

The latest Department of Statistics report based on 2006 figures revealed the Island experienced its strongest growth performance in the past 10 years.

And compared with the findings of the Central Intelligence Agency's World Fact Book, Bermuda is now top of the pile for GDP per capita at the end of 2006, up from an expected total of $69,900 in 2005, leapfrogging previous leader Luxembourg, which had an expected GDP of $71,400 for 2006, and well clear of Jersey in third, which was expected to be $57,000 for 2005.

To put it in perspective, the US (10th), Canada (16th) and the UK (31) all lag behind with expected GDP's of $43,800, $35,700 and $31,800 respectively for 2006.

The level of GDP was $5.355 billion, while, when adjusted for inflation, the level of economic activity or GDP rose 5.4 percent, one percent above the five-year average of 4.4 percent, which compares favourably with Bermuda's largest trader partner for goods and services, the US, which had a registered real growth of 2.9 percent for 2006.

Finance Minister Paula Cox said the Government was delighted with the performance of the economy in terms of the GDP for 2006.

"It is pleasing to note that the real GDP growth of 5.4 percent exceeded the original target rate of 2.75 percent to three percent and is a full percentage point above the five-year average of 4.4 percent," she said.

"This represents the strongest economic growth performance in the last 10 years and it is testament to the Bermuda Government's sound economic and financial management of the country's affairs."The GDP data paint a picture of continued growth inBermuda's economy since the Progressive Labour Party took office in 1998.

"The total increase in the real growth of the economy over the period was approximately 30 percent with an underlying trend rate of approximately 3.8 percent per year."This period of sustained growth has been a bonus for the labour force, consumers and businesses."

Meanwhile, the overall price level was 3.3 percent higher in 2006 compared with the previous year, but the GDP implicit price index, which reflects economy-wide inflation, shot up 4.7 percent over the same period.

Output generated by international business activity continued to be the leading contributor to growth inBermuda, accounting for 50 percent of the total increase in 2006, with the GDP for the sector climbing 23.9 percent, some 4.9 percent above the five-year average, spurred on by a busy 2005 hurricane season, as the property catastrophe market hardened in response to losses in that year.

Over the past 10 years, GDP derived from the international business industry has almost tripled, rising from an estimated $338 million in 1996 to $936 million in 2006, as the sector maintained its status as the largest employer on the Island, surpassing the construction market as the top contributor to job growth, with almost 1,300 new international businesses registering in the country during that period.Industries providing professional and other services to the international business marketplace also benefited from this growth, with output in the business services industry, including computer, accounting and legal services advancing 18.4 percent, while the output of the financial services sector expanded 23.6 percent, reflecting increased credit demands.

Loans and advances to clients also jumped $900 million above the level in 2005 and communications service providers reported modest gains of 1.8 percent in output.The tourism sector, endured a mixed bag of results in 2006, as a number of setback saw total output in the hotel and restaurant trade grow by only nine percent, down from 16.9 percent the previous year, mainly due to the closure of one of the Island's largest hotels, the Sonesta Beach Resort, in the last quarter of the year, which, in turn resulted in a 6.8 percent (219 jobs) decline in employment at accommodation establishments and a 3.3 percent overall decline in jobs for the hotel and restaurant industry.

But, on the flipside, the passing of Hurricane Florence did little to suppress the growth in tourist arrivals, as witnessed by a 22.9 percent rise in the total number of visitors to Bermuda compared with 2005.

Elsewhere, cruise arrivals were up 36 percent, largely down to extra cruise ship visits, while air arrivals also climbed 11.1 percent, but overall, GDP for the hotel and restaurant sector was down from 7.9 percent in 1996 to 5.6 percent 10 years later.

The construction industry also experienced some highs and lows, dipping 4.2 percent in output as a result of some major projects being completed in 2006, and expenditure for public sector construction falling by more than 50 percent.But, on the plus side, recruitment levels grew by 4.6 percent or 159 jobs.

Retailers and wholesalers also did well out of the results, with output advancing 7.4 percent in 2006, while employment recorded growth of 1.8 percent for the first time since 2002, as 83 new jobs were created.

Domestic retail sales climbed 3.9 percent, while overseas spending by residents increased by 9.2 percent.

Other highlights from the report include a growth in real estate and rental activity by 0.8 percent, well below the five-year average of 4.6 percent, mainly accounted for by a limited supply of properties available, and, after adjusting for inflation, GDP in the real estate sector dropped by 3.9 percent.

The manufacturing industry was, however, up 13.8 percent from 2005, with the highest growth performance level of the past decade, driven primarily by an expansion in printing, publication and related services.