Economic Report states GDP growth isn’t felt by wider community; sound immigration policy needed to address aging workforce
Bermuda Chamber of Commerce Report estimates Bermuda’s population has fallen by 7,000-9,000 in 9 years.
A declining population, challenges of an aging workforce, inflation and the cost of living… just some of the key topics The Bermuda Chamber of Commerce has delved into in its March 2025 Economic Report (SCROLL DOWN for full report, or click HERE)
There are seven-to-nine thousand fewer people in Bermuda now than 9 years ago, the Bermuda Chamber of Commerce estimates.
This is radically different to the Department of Statistics’ Population Projections, published in 2018.
Using, quote “imperfect indicators’ such as BELCO electricity usage, retail sales volume and Skyport data, the Chamber postulates at least a 10% decrease in our popualtion since the 2016 census – with our numbers at approximately 56,683.
The previous Government Projections suggest we should be around 63,800 right now.
The Chamber’s Economic Report also cites our aging workforce, with more than 45% of all jobs now being held by individuals over 55 years of age – creating potential future labour shortages.
Bermuda’s GDP figures show overall economic progress, the report says, but the benefits have not been evenly distributed across industries and households.
The Chamber also urges a review of Rent Control policies and supports the Landlord Tenant Act reform to encourage greater housing availability.
Chamber of Commerce President Marico Thomas states, “While Bermuda continues to demonstrate resilience and adaptability, we must take proactive steps to ensure long-term economic stability.”
“The Bermuda Chamber of Commerce remains committed to supporting a thriving, sustainable economy, and our latest economic report presents key insights to help guide informed decision-making.”
Read the Economic Report below, followed by press statements from the Bermuda Chamber of Commerce, and a public statement from Chamber President Marico Thomas.
Chamber of Commerce Press Release:
The Bermuda Chamber of Commerce is proud to present its March 2025 Economic Report, ‘Heads or Tails – A Coin Has Two Sides,’ which builds upon the economic insights and discussions raised in the previous year’s Budget Breakfast and Data Deep Dive sessions.
Speaking on the report’s findings, Chamber President Mr. Marico Thomas remarked: “The economy is more than a singular number—it is a complex interplay of data points, policies, and realities felt by businesses and households alike. Last year, we introduced a comprehensive data-driven view of Bermuda’s economy. The insights shared were not abstract theories—they were clear indicators of Bermuda’s trajectory. Now, one year later, we are seeing those data points translate into real-life experiences shaping the business environment, consumer experience, and policy discussions.”
“The Chamber’s March 2025 Economic Report intends to connect statistics to the economic realities our members and residents face daily. Our goal with this report is to provide clarity, drive informed decision-making, and contribute to meaningful discussions on Bermuda’s economic future”, said Mr. Thomas.
Key Topics in this Report include:
Population Decline
Aging Workforce Challenges
Inflation & Cost of Living
Housing Affordability and Availability
Data Delays and Economic Blind Spots
Cost of Living & Inflation
Tourism and Retail Sales Trends
GDP Growth Disparity
Access to Data
Policy Recommendations
A Call to Action
The Chamber remains committed to ensuring that our members and the broader business community have access to accurate, timely, and relevant data to navigate an ever-evolving landscape. This report should be seen as more than just an update. It is a confirmation of Bermuda’s economic trajectory and, it is a call to action for businesses, policymakers, and residents to proactively engage for Bermuda’s economic resilience. Last year, we presented the facts. This year, we’re seeing their impact. “The future of Bermuda depends on informed action, not reaction.” said Mr. Thomas. “We all have a role to play and it is important for each of us including our mothers, fathers, sisters and brothers at home, to be aware of these insights, the realities they represent and our impact on them.”
Public Statement from Chamber President Marico Thomas on Bermuda’s Economic Landscape
Bermuda remains one of the most beautiful and dynamic places in the world, with a vibrant community, a rich cultural heritage, and an unparalleled quality of life. Our breathtaking natural beauty, strong international business sector, and warm, welcoming people continue to make Bermuda a special place to live, work, and invest.
As we look to the future, it is important that we acknowledge both our strengths and our challenges. The Bermuda Chamber of Commerce remains committed to supporting a thriving, sustainable economy, and our latest economic report presents key insights to help guide informed decision-making.
While Bermuda continues to demonstrate resilience and adaptability, we must take proactive steps to ensure long-term economic stability. Our workforce is evolving, with a shrinking population and an increasing percentage of workers over the age of 55, raising concerns about future labor shortages. The cost of living remains a priority issue, with rising costs in housing, food, and fuel affecting both businesses and households.
At the same time, we recognize the encouraging trends within our tourism sector, where visitor spending is increasing. However, the retail sector continues to face challenges, particularly in competing with global online markets. Additionally, while Bermuda’s GDP has shown growth, it is essential to ensure that economic progress is felt broadly across all sectors and communities.
To address these issues effectively, timely and transparent access to economic data is crucial. Delays in releasing key statistics, such as the Consumer Price Index, make it difficult for businesses and policymakers to respond to changing economic conditions. By improving data availability and focusing on strategic solutions, Bermuda can continue to be an attractive and prosperous place for future generations.
The Chamber of Commerce remains optimistic about Bermuda’s future. By working together—businesses, government, and residents—we can create sustainable economic policies that preserve our strengths while addressing our challenges. Bermuda has always been a place of innovation and resilience, and with informed action, we can ensure it remains a thriving and competitive jurisdiction for years to come.
In more simple terms, areas for attention include:
- Bermuda’s Shrinking Workforce –the report estimates Bermuda’s population to be lower than 57,000 as of October 2024—a 10% decrease from the 2016 Census figure of 63,779, impacting labor force availability and economic output.
- Aging Workforce Challenges – More than 45% of all jobs are now held by individuals aged 55 and over, creating potential labor shortages across key industries in the coming decade.
- Inflation May Have Slowed, But Costs Haven’t Dropped – The actual cost of living continues to rise, particularly for food, housing, and fuel.
- Housing Affordability and Availability – The Chamber urges a review of Rent Control policies and supports the Landlord Tenant Act reform to encourage greater housing availability.
- Tourism and Retail Trends – While visitor spending is increasing, Bermuda’s retail sector continues to struggle, particularly apparel stores, which face growing online competition.
- GDP Growth Disparity – While Bermuda’s GDP figures show overall economic progress, the benefits have not been evenly distributed across industries and households.
- Delays in Access to Source Data Delays – Economic data should be released in a timely manner to support informed decision-making as an example, CPI data has faced an average release lag of 121 days, affecting ability to make real-time decisions.
