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New report released on Island’s ICT sector

The Island’s Information and Communications Technology sector contributed just over four percent to GDP ranking it just above agriculture, according to a report released this morning.The ICT sector comprises a combination of manufacturing and services industries that enable or fulfill the function of information processing and communication, including transmission and display by electronic means. There are 162 businesses in the ICT sector in Bermuda.A report from the Department of Statistics says: “Growth in the ICT sector declined 5.5 percent to $254 million in 2010. This total represented only 4.4 percent of total GDP, ranking just above other goods-producing industries like agriculture, manufacturing, and electricity generation.“Among all service industries in the economy, the ICT sector was ranked near the bottom surpassing only community and personal services in terms of contribution to total output of the economy.“Within the ICT sector, the ICT services sub-industry contributed the most to the overall decline with a $12 million fall in value added. Specifically, businesses offering telephone and Internet connections accounted for the majority of this decrease.“The value added of trade industries and content & media industries also declined by $2 million and $1 million, respectively. In contrast, the manufacturing sub-industry recorded a small increase in growth.”The report shows:o The ICT sector contributed 4.4 percent to Bermuda’s GDP, or $254 million.o There are 1,384 employees in the ICT sector, of which 475 worked as IT professionals.o Almost 90 percent of all businesses use computers to conduct work.o Imports of ICT goods and services climbed to $145 in 2010.o Exports of ICT services dropped to $83 million.o Capital investment in ICT goods totaled $114 million.