HAMILTON, Bermuda, Nov 6, CMC -The Bermuda government says the island’s economic performance over the past five years demonstrates that the economy has maintained a positive growth trajectory.
“Our leading industries continue to generate substantial economic value, while employment opportunities extend across a wide range of sectors,” said Labour and Economy Minister, Jason Hayward, as he presented Bermuda’s Economic and Employment Drivers to Parliament.
He told legislators that the government’s economic development strategy has provided a framework for “strengthening our economic competitiveness, encouraging investment and supporting sustainable development.
“As we move forward, our economic priorities must continue to focus on diversification, workforce development, entrepreneurship and expanding Bermudian economic participation,” Hayward said, adding that a successful economy must provide Bermudians with opportunities to secure meaningful employment, advance professionally, establish businesses, purchase homes and build long-term wealth.
He said understanding Bermuda’s economy allows the stakeholders “to better appreciate both our economic strengths and the opportunities that exist for future development.
“It also reinforces the importance of ensuring that our economic policies are focused not only on increasing output, but on expanding Bermudian opportunity. Because, ultimately, the true measure of Bermuda’s economic success is not simply the wealth our economy generates, but the extent to which that wealth creates opportunities and improves the lives of our people.”
Hayward said that Bermuda has recorded five consecutive years of positive real economic growth, with an average annual growth rate of 3.8 per cent between 2021 and 2025.
“These results demonstrate the resilience of Bermuda’s economy and its capacity to sustain economic activity despite global uncertainty, inflationary pressures and changing international economic conditions.”
Hayward said that last year, Bermuda’s real gross domestic product (GDP) reached approximately US$7.24 billion, an increase of US$75 million from the previous year and that at current prices, GDP increased by 6.5 per cent to approximately US$9.85 billion, representing an increase of nearly US$599 million compared with 2024.
Hayward said the fact that Bermuda has recorded five consecutive years of positive real GDP growth demonstrates that the local economy has continued to expand beyond the effects of rising prices.
He said this sustained expansion provides an important foundation for continued investment, employment and economic development and that an important part of understanding Bermuda’s economy is recognising the industries that generate the greatest economic value.
The Labour and Economy Minister said according to the 2025 Annual GDP Report, Bermuda’s five largest industries in current prices collectively contributed approximately 68.8 per cent of total economic output.
Hayward said that while these five industries also supported 13,750 jobs in 2025, representing approximately 40.7 per cent of Bermuda’s total employment, international business remains Bermuda’s largest economic industry.
In 2025, the sector contributed approximately US$2.86 billion to Bermuda’s economy, representing 29 per cent of total GDP. It also supported 5,070 filled jobs, an increase of 30 jobs compared with 2024.
“International Business is Bermuda’s largest individual industry employer, accounting for approximately 15 per cent of all filled jobs. The industry provides employment opportunities for underwriters, actuaries, accountants, compliance professionals, executives, administrators, technology specialists and other professionals. Importantly, the benefits of International Business extend beyond direct employment.”
Hayward said that financial and insurance activities contributed approximately TT$1.46 billion to GDP in 2025, representing 14.9 per cent of total economic output.
The industry supported 1,895 jobs, representing approximately 5.6 per cent of total employment, with Hayward indicating that employment in this industry declined by 70 jobs compared with 2024.
“Financial and insurance activities provide employment for banking professionals, insurance specialists, investment managers, accountants, financial analysts and administrative personnel. The industry also supports the financial infrastructure necessary for investment, commercial activity and economic development.”
Hayward said real estate activities contributed approximately US$1.31 billion to Bermuda’s GDP in 2025, representing 13.3 per cent of total economic output.
The industry supported 310 jobs, a decrease of 38 jobs compared with the previous year..
Hayward said while a significant portion of its economic value is associated with housing services and imputed rental values rather than direct employment, it remains an important component of Bermuda’s economy and creates additional demand for construction, property maintenance, surveying, architecture and other supporting services.
Hayward said professional, scientific and technical activities contributed approximately US$636 million to GDP in 2025, representing 6.5 per cent of total economic output.
The industry supported 2,419 jobs, an increase of 12 jobs compared with 2024.
Hayward said that the industry is also closely connected to international business, as many internationally focused companies rely on local professional firms for legal, accounting, regulatory and advisory services.
The Labour and Economy Minister said wholesale and retail trade contributed approximately US$504 million to Bermuda’s GDP in 2025, representing 5.1 per cent of total economic output.
The industry supported 4,056 jobs, an increase of 37 jobs compared with 2024 and Hayward said this represents approximately 12 per cent of total employment, making the sector one of Bermuda’s largest employment industries.
Hayward told legislators that according to the Department of Statistics’ 2026 Employment Briefs, based on the 2025 Employment Survey, Bermuda recorded 33,820 jobs in 2025, an increase of 369 jobs, or 1.1 per cent, compared with 2024.
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