| Economy | Bermuda |
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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 (purchasing power parity):
|
$4.5 billion (2004 est.) |
GDP - per capita (PPP):
|
$69,900 (2004 est.) |
GDP (official exchange rate):
|
$NA |
GDP - real growth rate:
|
4.6% (2004 est.) |
GDP - composition by sector:
|
agriculture: 1%
industry: 10%
services: 89% (2002 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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19% (2000) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.8% (November 2005) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Labor force:
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38,360 (2004) |
Labor force participation rate:
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56.55 % of population |
Labor force - by occupation:
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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) |
Budget revenues per capita:
|
10,880 USD per capita |
Public debt:
|
void |
Industries:
|
international business, tourism, light manufacturing |
Industrial production growth rate:
|
NA% |
Electricity - production:
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675.6 million kWh (2007 est.) |
Electricity - production per capita:
|
9,960 kWh per capita |
Electricity - consumption:
|
619.8 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
9,137 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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4,566 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
24.57 bbl/year per capita |
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 - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
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 |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$763 million (2006) |
Exports per capita:
|
11,248 USD per capita |
Exports - commodities:
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reexports of pharmaceuticals |
Exports - partners:
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Spain 13.8%, Germany 11.7%, Switzerland 8.8%, Denmark 6.6%, UK 6% (2007) |
Imports:
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$1.162 billion (2006) |
Imports per capita:
|
17,130 USD per capita |
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) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$160 million (FY99/00) |
Debt - external - per capita:
|
2,359 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$2.731 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
40,259 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$90,000 (2004) |
Economic aid - recipient per capita:
|
1 USD per capita |
Currency (code):
|
Bermudian dollar (BMD) |
Exchange rates:
|
Bermudian dollars (BMD) per US dollar - 1.0000 (fixed rate pegged to the US dollar) |
Fiscal year:
|
1 April - 31 March |
|
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