| People | 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 (official exchange rate):
|
$NA |
GDP - real growth rate:
|
4.6% (2004 est.) |
GDP - per capita (PPP):
|
$69,900 (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) |
Labor force:
|
38,360 (2004) |
Labor force participation rate:
|
57.65 % of population |
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) |
Budget revenues per capita:
|
11,092 USD per capita |
Public debt:
|
void |
Industries:
|
international business, tourism, light manufacturing |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
618 million kWh (2005) |
Electricity - production per capita:
|
9,289 kWh per capita |
Electricity - consumption:
|
574.8 million kWh (2005) |
Electricity - consumption - per capita:
|
8,639 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
0 bbl/day (2005) |
Oil - production per capita:
|
void |
Oil - consumption:
|
4,400 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
24.14 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2005) |
Oil - imports:
|
4,250 bbl/day (2004) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
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:
|
$763 million (2006) |
Exports per capita:
|
11,468 USD per capita |
Exports - commodities:
|
reexports of pharmaceuticals |
Exports - partners:
|
Brazil 15%, Spain 13.7%, Germany 11.6%, Denmark 6.5%, UK 6% (2007) |
Imports:
|
$1.162 billion (2006) |
Imports per capita:
|
17,465 USD per capita |
Imports - commodities:
|
clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals |
Imports - partners:
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US 25.1%, Germany 21.2%, Italy 19%, France 5.7% (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:
|
2,405 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - abroad:
|
$NA |
Market value of publicly traded shares:
|
$2.125 billion (2005) |
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 dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar) |
Fiscal year:
|
1 April - 31 March |
|
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