News Release: HAMILTON, Bermuda – Today, the Ministry of Economy and Labour, Jason Hayward, released the Annual Gross Domestic Product (GDP) 2022 Highlights publication from the Department of Statistics.   

Minister Hayward explained: “The Bermuda economy grew 6.4 percent in real terms in 2022 as the economic activity for twelve of the nineteen industry groups contributed to positive growth in value added. Financial and Insurance Activities, International Business Activities, and Accommodation and Food Services activities showed the largest increases in absolute terms as they grew by $159.8 million, $137.0 million and $55.2 million, respectively.

“Furthermore, the GDP at constant purchasers’ prices for Professional, Scientific and Technical Activities was 2.3 per cent or $8.3 million higher in 2022. The sub-industry groupings of legal, accounting, architectural, and engineering services had the largest percentage increases in value added.”  

The GDP per capita at current prices rose 7.5 per cent to $122,253 at the end of 2022.  

The public is encouraged to review the Annual Gross Domestic Product 2022 Highlights publication at https://www.gov.bm/annual-gross-domestic-product.