Bermuda Economy Profile 2009

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.)

Population below poverty line

19% (2000)

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.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Inflation rate (consumer prices)

2.8% (November 2005)

Industries

international business, tourism, light manufacturing

Industrial production growth rate

NA%

Electricity - production

675.6 million kWh (2007 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

4,378 bbl/day (2005)

Oil - exports

0 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

Brazil 22.4%, US 14.6%, Germany 11%, South Africa 8.4%, Switzerland 6% (2008)

Imports

$1.162 billion (2006)

Imports - commodities

clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals

Imports - partners

South Korea 31.7%, Italy 21.7%, US 14.9%, UK 6.8%, Singapore 4.4%, France 4.2% (2008)

Debt - external

$160 million (FY99/00)

Stock of direct foreign investment - at home

$15.01 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$NA (31 December 2008)
$2.731 billion (31 December 2007)
$2.704 billion (31 December 2006)

Economic aid - recipient

$90,000 (2004)

Currency (code)

BMD

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