November 16, 2022
The 2021 Tourism Satellite Account report from the Department of Statistics has been released, indicating that the tourism industry contributed 2.2% of the total Bermuda Gross Domestic Product at current prices.
Minister of Economy and Labour Jason Hayward explained, “The Tourism Satellite Account Report highlights the direct, indirect and induced effects of the tourism industry on output, employment and wages in Bermuda. In 2021, the tourism industry contributed 2.2 per cent of the total Bermuda Gross Domestic Product at current prices.
“Gross value added produced from activities of tourism-related establishments, such as hotels, restaurants, travel agencies and passenger transport businesses, totaled $687 million. Of this total, gross value added derived from direct tourist spending accounted for 22.9 per cent or $157 million.”
The Minister further explained, “In 2021, tourism contributed $110 million or 10.7 per cent of the total government revenue, a 14.6 per cent improvement over the previous year. Additionally, residents spent an estimated $227 million on foreign travel in 2021, an increase of 9.7 per cent year-over-year.”
“After factoring in the multiplier effects of visitor spending on output, employment and wages to households, tourism indirectly contributed an additional $55 million in value added to the economy and 196 additional jobs. The combined direct and indirect effects on wages were measured at $159 million in 2021.
“The spending of these wages in the Bermuda economy has a multiplier effect by further creating additional jobs and wages, referred to as the induced effect of tourism spending. These induced effects were measured at 315 jobs and $32 million in wages. Tourism’s contribution to government revenue in 2021 was $110 million or 10.7 per cent of the total revenue.”
A spokesperson said, “The 2021 Tourism Satellite Account report is available online at www.gov.bm/tourism-statistics. The public is advised to read the concepts and definitions on the last page of the report before reviewing the data.”
For the full 2021 Tourism Satellite Account Report click below
Jim Hepple is an Assistant Professor at the University of Aruba and is Managing Director of Tourism Analytics.