Facts and Figures 2016
About Jennifer Haworth
Jennifer Haworth is a senior associate in the firm’s Litigation & Dispute Resolution team. Jennifer has a wide practice in all aspects of civil and commercial litigation both in Bermuda’s courts as well as in mediation and arbitration.
Jennifer Haworth’s full profile on mjm.bm.
In October 2016, the Department of Statistics released its “Facts & Figures 2016” which sets out in summary form some of the key indicators of Bermuda’s economic and trends.
There are some important points to note from that report. For example, the number of local companies is steadily increasing year on year from 3,125 in 2013 to 3,307 in 2015. In addition, international companies in Bermuda are also growing in number with exempted, exempted partnership and non-resident companies on the rise from 2013 through 2015.
In the banking sector, while there have been some areas of retraction such as savings deposits, there have been a number of other areas of growth, such as investments (9,437 in 2013 to 10,425 in 2015), loans and advances (8,342 in 2013 to 9,073 in 2015) and demand deposits (10,190 in 2013 to 11,668 in 2015). In terms of GDP per capita, there has been improvement year on year from 2013 with the GDP per capita in 2015 at 96,018.
International business is still the largest employer by industry in the private sector at 3,900. Hotel employment was recorded at 2174 and when combined with Restaurants Bars and Cafes of 1838, the combined total is 4012. Public Administration was recorded at 3936, still edging ahead of International Business in total numbers. The composition of Bermuda’s workforce by gender remains at 51% men to 49% female for the three year period, as does the split between Bermudian and Non-Bermudian workers which is 71% to 29% respectively.
In the meantime, in May of this year, the Department of Statistics embarked on a national census. The last census was completed in 2010. As of 7 November, the Government indicated that the collection process was about 72% complete.