Economy of Bermuda
| Economy - overview: | Bermuda enjoys the 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.) |
| 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.) |
| Population below poverty line: | 19% (2000) |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Inflation rate (consumer prices): | 2.8% (November 2005) |
| Budget: | revenues: $738 million expenditures: $665 million (FY04/05) |
| Agriculture - products: | bananas, vegetables, citrus, flowers; dairy products, honey |
| Industries: | international business, tourism, light manufacturing |
| Industrial production growth rate: | NA% |
| Electricity - production: | 682.5 million kWh (2005) |
| Electricity - production by source: | fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 616.7 million kWh (2005) |
| Electricity - exports: | 0 kWh (2005) |
| Electricity - imports: | 0 kWh (2004) |
| Oil - production: | 0 bbl/day (2004) |
| Oil - consumption: | 4,658 bbl/day (2005 est.) |
| Oil - exports: | 0 bbl/day (2005) |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 0 bbl |
| Natural gas - production: | 0 cu m (2004 est.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| Exports: | $1.469 billion (2004 est.) |
| Exports - commodities: | reexports of pharmaceuticals |
| Exports - partners: | Spain 35%, UK 18.4%, Sweden 8.7%, Germany 4.1% (2006) |
| Imports: | $982 million (2004 est.) |
| Imports - commodities: | clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals |
| Imports - partners: | South Korea 21.5%, US 16.7%, Germany 16.1%, Italy 13.4%, Spain 8.8% (2006) |
| Debt - external: | $160 million (FY99/00) |
| Economic aid - recipient: | $NA |
| Currency (code): | Bermudian dollar (BMD) |
| Currency code: | BMD |
| Exchange rates: | Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar) |
| Fiscal year: | 1 April - 31 March |