Jason Hayward lists the top performing sectors in terms of economic contribution and employment, and cites the need to support high-dollar industries while expanding job opportunities
International Business, and Retail and Wholesale, are both in the top five for employment and economic impact.
But while both employ thousands, the IB reigns supreme in terms of Bermuda’s gross domestic product.
In dollar terms, the sector contributes more than five times that of Wholesale and Retail, and just short of twice the amount of the second highest contributor.
Jason Hayward, Minister of Economy and Labour, has sought to paint a picture of Bermuda’s economic and employment environment.
Following on from the recent release of job statistics and GDP figures, he elaborated on the numbers in the House of Assembly today.
The Minister said, “it is important that the people of Bermuda understand how our economy works, where our economic wealth is generated, and how economic activity supports employment.”
“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. These five industries also supported 13,750 filled jobs in 2025, representing approximately 40.7 per cent of Bermuda’s total employment.”
Citing five years of consecutive GDP growth, Minister Hayward listed the top five sectors in terms of GDP as of 2025 (at current prices):
- International Business – $2.86 Billion (29% of GDP)
- Financial and Insurance Activities – $1.46 Billion (14.9% of GDP)
- Real Estate Activities – $1.31 Billion (13.3% of GDP)
- Professional, Scientific and Technical Activities – $636 Million (6.5% of GDP)
- Wholesale and Retail Trade – $504 Million (5.1% of GDP)
While the Minister did not note this, the numbers show that the sector contributing the most to GDP generates around twice as much in dollar value as the two sectors below it, while those two sectors both contribute more than double the amount of the sectors in 4th and 5th place.
“International Business remains Bermuda’s largest economic industry”, the Minister said, and went on to list the sector at the top of the top five employers in 2025:
- International Business – 5,070 filled jobs (15% of total employment)
- Wholesale and Retail Trade – 4,056 (12% of total employment)
- Accommodation and Food Service Activities – 3,850 (11.4% of total employment)
- Public Administration – 3,845 (11.4% of total employment)
- Human Health and Social Work Activities – 2,732 (8.1% of total employment)
Minister Hayward said, “together, these five industries accounted for 19,553 filled jobs, representing approximately 57.8 per cent of total employment in Bermuda.”
“All five of these industries recorded employment growth in 2025, collectively adding 331 filled jobs.”
He noted that only two industries appear in both lists, and said “this distinction provides an important insight into the structure of Bermuda’s economy. The industries that generate the most economic value are not always the industries that employ the greatest number of people.”
The Minister had earlier highlighted that Real Estate Activities, while a significant contributor to GDP, represents only 310 jobs – less than 1% of employment.
“Some industries generate substantial economic output through specialised services, capital and productivity”, he said, “while others support larger workforces through labour-intensive activities.”
“We must continue supporting our high-value international industries while also strengthening domestic sectors that provide substantial employment opportunities.”
Minister Hayward concluded that “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.”
