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.
Agriculture Products
bananas, vegetables, citrus, flowers; dairy products, honey
Industries
international business, tourism, light manufacturing
Industrial Production Growth Rate
NA%
Labor Force
38,360 (2004)country comparison to the world: 193
Electricity production
675.6 million kWh (2007 est.)country comparison to the world: 154
Electricity Consumption
628.3 million kWh (2007 est.)country comparison to the world: 155
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
2.1% (2004 est.)country comparison to the world: 20
Population Below Poverty Line
19% (2000)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $738 million
Expenditures: $665 million (FY04/05)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
$NA (31 December 2008)country comparison to the world: 92 $2.731 billion (31 December 2007)$2.704 billion (31 December 2006)
Reserves of Foreign Exchange and Gold
Debt External
$160 million (FY99/00)country comparison to the world: 184
Stock of Direct Foreign Investment at Home
$15.01 billion (31 December 2008 est.)country comparison to the world: 72
Stock of Direct Foreign Investment Abroad
$NA
Exchange Rates
Bermudian dollars (BMD) per US dollar - 1.0000 (fixed rate pegged to the US dollar)
