Bermuda Economy 1997

Economy - overview Bermuda enjoys one of the highest per capita incomes in the world, havingsuccessfully exploited its location by providing financial services for internationalfirms and luxury tourist facilities for 200,000 visitors annually. The touristindustry attracts 91% of its business from North America. The industrial sectoris small, and agriculture is severely limited by a lack of suitable land.About 80% of food needs are imported. International business contributes over60% of Bermuda's economic output; a failed independence vote in late 1995can be partially attributed to Bermudian's fear of scaring away foreign firms.

GDP purchasing power parity - $1.8 billion (1996 est.)

GDP - real growth rate 2.4% (1996 est.)

GDP - per capita purchasing power parity - $29,000 (1996 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index 2.5% (1996 est.)

Labor force
total: 34,133
by occupation: clerical 23%, services 23%, laborers 17%, professional and technical16%, administrative and managerial 12%, sales 7%, agriculture and fishing2% (1995)

Unemployment rate NEGL% (1995)

Budget
revenues: $406.2 million
expenditures : $405.9 million, including capital expenditures of $34.5 million (FY94/95est.)

Industries tourism, finance, insurance, structural concrete products, paints, perfumes,pharmaceuticals, ship repairing

Industrial production growth rate NA%

Electricity - capacity 145,000 kW (1996)

Electricity - production 527,526,728 kWh (1996)

Electricity - consumption per capita 7,856 kWh (1996)

Agriculture - products bananas, vegetables, citrus, flowers; dairy products

Exports
total value: $54 million (f.o.b., 1995)
commodities: semitropical produce, light manufactures, reexports of pharmaceuticals
partners : Netherlands 50%, Brazil 13%, Canada 6% (1996)

Imports
total value: $550 million (f.o.b., 1995)
commodities: miscellaneous manufactured articles, machinery and transport equipment,food and live animals, chemicals
partners: US 73%, UK 5%, Canada 5% (1995 est.)

Debt - external $NA

Economic aid $NA

Currency 1 Bermudian dollar (Bd$) = 100 cents

Exchange rates Bermudian dollar (Bd$) per US$1 - 1.0000 (February 1997; fixed rate)

Fiscal year 1 April - 31 March

NOTE: The information regarding Bermuda on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bermuda Economy 1997 information contained here. All suggestions for corrections of any errors about Bermuda Economy 1997 should be addressed to the CIA.