4 GeoFroggy

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. Government economic priorities are the further strengthening of the tourist and international financial sectors.

Agriculture Products

bananas, vegetables, citrus, flowers; dairy products

Industries

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

Industrial Production Growth Rate

NA%

Labor Force

35,296 (1997)

Electricity production

420 million kWh (1998)

Electricity production by source

Fossil fuel: 100%

Hydro: 0%

Nuclear: 0%

Other: 0% (1998)

Electricity Consumption

391 million kWh (1998)

Electricity Exports

0 kWh (1998)

Electricity Imports

0 kWh (1998)

Currency

1 Bermudian dollar (Bd$) = 100 cents

Unemployment Rate

NEGL% (1995)

Population Below Poverty Line

NA%

Household Income or Consumption by Percentage Share

Lowest 10%: NA%

Highest 10%: NA%

Budget

Revenues: $504.6 million

Expenditures: $537 million, including capital expenditures of $75 million (FY97/98)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

$NA

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Bermudian dollar (Bd$) per US$1 - 1.0000 (fixed rate)
Year

Fiscal Year

  • 1 April - 31 March

GDP Purchasing Power Parity

    Purchasing power parity - $2 billion (1999 est.)

GDP Real Growth Rate

    2.5% (1999 est.)

GDP Per Capital

    Purchasing power parity - $31,500 (1999 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

  • Agriculture
    1%
  • Industry
    10%
  • Services
    89% (1995 est.)

Inflation Rate Consumer Prices

    2% (1998 est.)

Current Account Balance

Exports

    $32 million (1998 est.)

Exports Partners

  • UK
    29.5%
  • US
    9.8%

Exports Commodities

    Reexports of pharmaceuticals

Imports

    $624 million (1998 est.)

Imports Partners

  • US
    34%
  • UK
    9%
  • Mexico
    8%

Imports Commodities

    Machinery and transport equipment, construction materials, chemicals, food and live animals