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Tourism contributed $658 million to GDP, report

The Tourism industry contributed significantly more to the economy in 2010 compared to the previous year, new Department of Statistics figures showed today.

Tourism directly contributed $297 million, or 5.2 percent, to Bermuda’s Gross Domestic Product (GDP) last year.

And employment in the industry increased 8 percent in 2010.

The figures showed tourism-related employment overall grew by 557 workers to 5,594 jobs last year. That figure includes 3,579 jobs stemming from tourism directly and 2,015 jobs indirectly.

The 3,579 jobs accounted for 9 percent of the total work force, making the industry the second largest employer of Bermudian workers, after Public Administration/Government.

In addition Bermudians made up the majority of workers hired directly by the Tourism industry.

Despite moving up a notch in 2010, Tourism remained the eighth largest sector of the economy, with the $1.5 billion international business sector staying at number one.

Direct tourism employment comprises jobs that produce direct tourism output such as airline pilots, hotel and restaurant staff, while indirect tourism employment includes jobs that generate indirect tourism output such as employees of businesses that provide food supplies to hotels and restaurants.

So for every ten direct tourism jobs generated in 2010 an additional 5.6 jobs were indirectly created.

The figures also showed visitors spent $393 million in Bermuda while Bermuda residents spent $417 million on foreign travel.

Government spent $35 million to provide tourism services.

The Tourism industry is made up of accommodation services, passenger air travel, retail trade, recreation, entertainment and cultural services, along with other miscellaneous tourism services.

Total tourism-related value added increased to $658 million in 2010, up 19 percent from $553 million in 2009.

The total value added comprised the $297 million in output/services sold directly to visitors like accommodation plus passenger air travel and, $361 million in indirect tourism output.

The Department said the 2.2 ratio of total output ($658m) to direct output ($297m) in 2010 meant that for every dollar of direct tourism output generated, another $1.20 of indirect tourism output was produced.

The figures also showed in 2010, a total of 585,266 visitors to Bermuda translated into $393 million spent on goods and services within the local economy.

The total level of spending by air, yacht and cruise visitors (including crew members), increased by $53 million when compared to spending levels recorded in 2009.

Visitor outlays on accommodation services and food & beverages increased by $38 million and $11 million, respectively. In contrast, spending by visitors on passenger transport services and entertainment services declined by $2 million each when compared to 2009.

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Published November 29, 2011 at 2:36 pm (Updated November 29, 2011 at 2:35 pm)

Tourism contributed $658 million to GDP, report

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