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Bermuda (overseas territory of the UK) Economy

    Economy—overview: Bermuda enjoys one of the highest per capita incomes in the world, having successfully exploited its location by providing financial services for international firms and luxury tourist facilities for 360,000 visitors annually. The tourist industry, which accounts for an estimated 28% of GDP, attracts 84% of its business from North America. The industrial sector is small, and agriculture is severely limited by a lack of suitable land. About 80% of food needs are imported. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms.

    GDP: purchasing power parity—$1.9 billion (1997 est.)

    GDP—real growth rate: 3% (1997 est.)

    GDP—per capita: purchasing power parity—$30,000 (1997 est.)

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

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 2.1% (1997)

    Labor force: 35,296 (1997)

    Labor force—by occupation: clerical 23%, services 22%, laborers 17%, professional and technical 17%, administrative and managerial 12%, sales 7%, agriculture and fishing 2% (1996)

    Unemployment rate: NEGL% (1995)

    Budget:
    revenues: $504.6 million
    expenditures: $537 million, including capital expenditures of $75 million (FY97/98)

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

    Industrial production growth rate: NA%

    Electricity—production: 480 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 480 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: bananas, vegetables, citrus, flowers; dairy products

    Exports: $57 million (1997)

    Exports—commodities: reexports of pharmaceuticals

    Exports—partners: Netherlands 50%, Brazil 13%, Canada 6% (1996)

    Imports: $617 million (1997)

    Imports—commodities: miscellaneous manufactured articles, machinery and transport equipment, food and live animals, chemicals

    Imports—partners: US 73%, UK 5%, Canada 4% (1996 est.)

    Debt—external: $NA

    Economic aid—recipient: $27.9 million (1995)

    Currency: 1 Bermudian dollar (Bd$) = 100 cents

    Exchange rates: Bermudian dollar (Bd$) per US$1—1.0000 (fixed rate)

    Fiscal year: 1 April—31 March

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)