The tourism industry added $410 million to the island’s economy in 2024, according to recently released figures.

The 2024 Tourism Satellite Account report, produced by the Department of Statistics, stated that the tourism industry was responsible for 4.5 per cent of the island’s economy in 2024.

Comparatively, tourism directly contributed to 4.6 per cent of the island’s gross domestic product in 2023 with a $395 million of value added to the GDP, and 3.8 per cent in 2022 with $295 million of value added.

Jason Hayward, the Minister of Economy and Labour, added that tourism-related businesses such as hotels, restaurants, travel agencies and passenger transport businesses generated $987 million over the course of the year.

He said: “Of this total, gross value added derived from direct tourist spending accounted for 41.6 per cent or $410 million.

“The tourism industry generated 2,782 jobs in 2024, a 7.7 per cent increase when compared with 2023. These jobs accounted for approximately 8.3 per cent of the total jobs in Bermuda’s economy.

“Employment of Bermudians directly associated with tourism totalled 1,740 workers, representing 62.5 per cent of tourism jobs and reflecting a 4.2 per cent increase compared with 2023.”

Accommodation services represented the largest tourism-related employer, responsible for 1,126 employees including 699 Bermudians. It was followed by food and beverage services, retail trade and air transport support services.

Mr Hayward said that factoring in the “multiplier effects” of visitor spending on output, employment and wages, the tourism industry contributed an additional $131 million in value added to the economy and 407 additional jobs.

He added: “The combined direct and indirect effects on wages were measured at $367 million in 2024.

“The spending of these wages in the Bermuda economy, in turn, has a multiplier effect by further creating additional jobs and wages, which is referred to as the induced effect of tourism spending.

“These induced effects were measured at 745 jobs and $105 million in wages. Tourism’s contribution to government revenue in 2024 was $189 million or 15.1 per cent of the total revenue.”

The full report is available online at www.gov.bm/tourism-statistics.