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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

1% (2013 est.) country comparison to the world: 149

Labor Force

37,400 (2011) country comparison to the world: 200

Labor Force by Occupation

agriculture and fishing: 3%

laborers: 17%

clerical: 19%

professional and technical: 21%

administrative and managerial: 15%

sales: 7%

services: 19% (2004 est.)

Unemployment Rate

8% (2012 est.) country comparison to the world: 87

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

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

$1.487 billion (31 December 2012 est.) country comparison to the world: 95 $1.436 billion (31 December 2011) $1.535 billion (31 December 2010 est.)

Reserves of Foreign Exchange and Gold

Debt External

$1.4 billion (2012 est.) country comparison to the world: 151

Stock of Direct Foreign Investment at Home

$NA

Stock of Direct Foreign Investment Abroad

$NA

Exchange Rates

Bermudian dollars (BMD) per US dollar -1 (2013 est.) 1 (2012 est.)

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

GDP Official Exchange Rate

$5.6 billion 2011

Taxes and Other Revenues

17.4% of GDP (FY11/12 est.)

Budget Surplus or Deficit

-2.5% of GDP (FY11/12 est.)

Fiscal Year

1 April - 31 March

GDP Purchasing Power Parity

$5.6 billion (2011 est.) country comparison to the world: 169 $5.803 billion (2010 est.)

GDP Real Growth Rate

-3.5% (2011) country comparison to the world: 214

GDP Per Capital

$86,000 (2011 est.) country comparison to the world: 4

Gross National Saving

GDP Composition by end Use

household consumption
29.4%
government consumption
15%
investment in fixed capital
23.3%
investment in inventories
0%
exports of goods and services
64.8%
imports of goods and services
-32.5%

GDP Composition by Sector of Origin

agriculture
0.7%
industry
5.7%
services
93.5% (2013 est.)

Inflation Rate Consumer Prices

1.8% (2013 est.) country comparison to the world: 56 2.4% (2012 est.)

Current Account Balance

Exports

$13 million (2013 est.) country comparison to the world: 209 $12 million (2012 est.)

Exports Partners

Australia
17%
US
14.8%
Indonesia
12.6%

Exports Commodities

Reexports of pharmaceuticals

Imports

$925 million (2013 est.) country comparison to the world: 179 $900 million (2012 est.)

Imports Partners

South
Korea
US
21%
Singapore
9.9%
China
7%
Turkmenistan
4.8%

Imports Commodities

Clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals

Bermuda