Economy Overview
Despite four years of recession and a public debt of $1.4 billion, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US. The average cost of a single-family home in 2012 was $1.1 million. Its economy is primarily based on international business and the provision of financial services to that sector, and to a lesser extent tourism. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again after Hurricanes Katrina, Rita, and Wilma in 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 and has dropped in its relevant importance to the economy, although it is still important as a job creator. Bermuda must import almost everything. Agriculture is limited due to the small size of the island and Bermuda's industrial sector is small.
Agriculture Products
bananas, vegetables, citrus, flowers, dairy products, honey
Industries
international business, tourism, light manufacturing
Industrial Production Growth Rate
NA%
Labor Force
37,400 (2011)country comparison to the world: 200
Unemployment Rate
8% (2012 est.)country comparison to the world: 90
Population Below Poverty Line
11% (2008 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $973.2 million
Expenditures: $1.115 billion (FY11/12)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
$1.533 billion (31 December 2012)country comparison to the world: 102 $1.436 billion (31 December 2011) $1.535 billion (31 December 2010)
Reserves of Foreign Exchange and Gold
Debt External
$1.4 billion (2012 est.)country comparison to the world: 150
Stock of Direct Foreign Investment at Home
$NA
Stock of Direct Foreign Investment Abroad
$NA
Exchange Rates
Bermudian dollars (BMD) per US dollar -1 (2012 est.) 1 (2011 est.)
