Bermuda Economy
Economy - overviewBermuda enjoys one of the highest per capita incomes in the world, equal to that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. The effects of 11 September 2001 have had both positive and negative ramifications for Bermuda. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the negative side, Bermuda's tourism industry - which derives over 80% of its visitors from the US - was severely hit as American tourists chose not to travel. Tourism rebounded somewhat in 2002-03. 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, only 6% of the land being arable.
GDP
purchasing power parity - $2.33 billion (2003 est.)
GDP - real growth rate
2% (2003 est.)
GDP - per capita
purchasing power parity - $36,000 (2003 est.)
GDP - composition by sector
agriculture: 1%
industry: 10%
services: 89% (2002 est.)
Population below poverty line
19% (2000)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
3.3% (mid-2003 est.)
Labor force
37,470 (2000)
Labor force - by occupation
agriculture and fishing 3%, laborers 17%, clerical 22%, professional and technical 17%, administrative and managerial 13%, sales 8%, services 20% (2000 est.)
Unemployment rate
5% (2002 est.)
Budget
revenues: $671.1 million
expenditures: $594.6 million, including capital expenditures of $55 million (FY03/04)
Agriculture - products
bananas, vegetables, citrus, flowers; dairy products
Industries
tourism, international business, light manufacturing
Industrial production growth rate
NA
Electricity - production
643.7 million kWh (2001)
Electricity - consumption
598.6 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
4,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Exports
$879 million (2002)
Exports - commodities
reexports of pharmaceuticals
Exports - partners
France 62%, Norway 13.8%, UK 7.5% (2003)
Imports
$5.523 billion (2002)
Imports - commodities
machinery and transport equipment, construction materials, chemicals, food and live animals
Imports - partners
Kazakhstan 46.7%, France 32.5%, US 8.5% (2003)
Debt - external
$160 million (FY99/00)
Currency
Bermudian dollar (BMD)
Currency code
BMD
Exchange rates
Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar)
