Bermuda Economy: from the All Country Info reference guide to country facts

Bermuda Economy

Bermuda Economy: A summary of information about Bermuda Economy, from government research data as well as independent research and other sources.

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Bermuda: Economy

Economy - overview
Bermuda enjoys one of the highest per capita
incomes in the world, having successfully exploited its location by
providing financial services for international firms and luxury
tourist facilities for 360,000 visitors annually. The tourist
industry, which accounts for an estimated 28% of GDP, attracts 84% of
its business from North America. The industrial sector is small, and
agriculture is severely limited by a lack of suitable land. About 80%
of food needs are imported. International business contributes over
60% of Bermuda's economic output; a failed independence vote in late
1995 can be partially attributed to Bermudian fears of scaring away
foreign firms. Government economic priorities are the further
strengthening of the tourist and international financial sectors.
GDP
purchasing power parity - $2 billion (1999 est.)
GDP - real growth rate
2.5% (1999 est.)
GDP - per capita
purchasing power parity - $31,500 (1999 est.)
GDP - composition by sector
agriculture: 1%
industry: 10%
services: 89% (1995 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
2% (1998 est.)
Labor force
35,296 (1997)
Labor force - by occupation
clerical 23%, services 22%, laborers 17%,
professional and technical 17%, administrative and managerial 12%,
sales 7%, agriculture and fishing 2% (1996)
Unemployment rate
NEGL% (1995)
Budget
revenues: $504.6 million
expenditures: $537 million, including capital expenditures of $75
million (FY97/98)
Industries
tourism, finance, insurance, structural concrete products,
paints, perfumes, pharmaceuticals, ship repairing
Industrial production growth rate
NA%
Electricity - production
420 million kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
391 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
bananas, vegetables, citrus, flowers; dairy
products
Exports
$32 million (1998 est.)
Exports - commodities
reexports of pharmaceuticals
Exports - partners
UK 29.5%, US 9.8% (1997)
Imports
$624 million (1998 est.)
Imports - commodities
machinery and transport equipment, construction
materials, chemicals, food and live animals
Imports - partners
US 34%, UK 9%, Mexico 8% (1997)
Debt - external
$NA
Economic aid - recipient
$27.9 million (1995)
Currency
1 Bermudian dollar (Bd$) = 100 cents
Exchange rates
Bermudian dollar (Bd$) per US$1 - 1.0000 (fixed rate)
Fiscal year
1 April - 31 March
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