Business and Finance Business and Finance
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GDP report: international business powers island's economy

GDP report: international business powers island's economy


Published on 2024-11-29 07:30:38 - Bill Williamson, WOPRAI
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  • Bermuda's international business sector accounted for almost a third of the island's gross domestic product last year, the economy minister said yesterday. Outlining the 2023 GDP report, Jason

The article from The Royal Gazette discusses a recent report highlighting the significant impact of international business on Bermuda's economy. According to the report, international business activities have been a major driver of economic growth, contributing substantially to the island's GDP, employment, and tax revenues. The sectors most influenced include insurance, reinsurance, and financial services, which not only attract foreign investment but also support local businesses through ancillary services. The report also notes an increase in job creation and a positive effect on the real estate market due to the demand for office space. Despite global economic challenges, Bermuda's strategic positioning and regulatory environment continue to make it an attractive hub for international companies, reinforcing its economic stability and growth prospects.

Read the Full The Royal Gazette Article at [ https://www.royalgazette.com/economy/business/article/20241129/international-business-powers-islands-economy-report-shows/ ]
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