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The Economy of Bermuda

Bermudian Economy

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Economy - overview: Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005, contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives over 80% of its visitors from the US - continues to struggle but remains the island's number two industry. Most capital equipment and food must be imported. Bermuda's industrial sector is small, although construction continues to be important; the average cost of a house in June 2003 had risen to $976,000. Agriculture is limited with only 20% of the land being arable.

GDP:

GDP - real growth rate: 4.6% (2004 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1% industry: 10% services: 89% (2002 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 38,360 (2004)

Labor force - by occupation: agriculture and fishing 3%, laborers 17%, clerical 19%, professional and technical 21%, administrative and managerial 15%, sales 7%, services 19% (2004 est.)

Unemployment rate: 2.1% (2004 est.)

Budget: revenues: $738 million expenditures: $665 million (FY04/05)

Industries: international business, tourism, light manufacturing

Industrial production growth rate: NA%

Electricity - production: 675.6 million kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 619.8 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 4,566 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 4,378 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: bananas, vegetables, citrus, flowers; dairy products, honey

Exports: $763 million (2006)

Exports - commodities: reexports of pharmaceuticals

Exports - partners: Spain 13.8%, Germany 11.7%, Switzerland 8.8%, Denmark 6.6%, UK 6% (2007)

Imports: $1.162 billion (2006)

Imports - commodities: clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals

Imports - partners: South Korea 36.4%, US 15.7%, Germany 13.2%, Italy 11.8% (2007)

Debt - external: $160 million (FY99/00)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Bermudian dollars (BMD) per US dollar - 1.0000 (fixed rate pegged to the US dollar)

Fiscal year: