Economy Overview
International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island.; Bermuda's economy returned to negative growth in 2016, reporting a contraction of 0.1% GDP, after growing by 0.6% in 2015. Unemployment reached 7% in 2016 and 2017, public debt is growing and exceeds $2.4 billion, and the government continues to work on attracting foreign investment. Still, Bermuda enjoys one of the highest per capita incomes in the world.;
Agriculture Products
bananas, vegetables, citrus, flowers; dairy products, honey
Industries
international business, tourism, light manufacturing
Industrial Production Growth Rate
2% (2017 est.); country comparison to the world: 129;
Labor Force
33,480 (2016 est.); country comparison to the world: 202;
Unemployment Rate
7% (2017 est.); 7% (2016 est.); country comparison to the world: 106;
Population Below Poverty Line
11% (2008 est.);
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: 999.2 million (2017 est.)
Expenditures: 1.176 billion (2017 est.)
Public Debt
43% of GDP (FY14/15); country comparison to the world: 117;
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$3.374 billion (30 September 2014 est.); $3.422 billion (31 December 2013 est.); note: figures do not include US dollars, which also circulate freely; country comparison to the world: 118;
Stock of Broad Money
$22.1 billion (30 September 2014 est.); $25.1 billion (31 December 2013 est.); country comparison to the world: 67;
Stock of Domestic Credit
NA;
Market Value of Publicly Traded Shares
$1.85 billion (31 December 2015 est.); $1.601 billion (31 December 2014 est.); $1.467 billion (31 December 2013 est.); country comparison to the world: 100;
Reserves of Foreign Exchange and Gold
Debt External
$2.515 billion (2017 est.); $2.435 billion (2015 est.); country comparison to the world: 150;
Stock of Direct Foreign Investment at Home
$2.641 billion (2014 est.); $2.664 billion (2013 est.); country comparison to the world: 116;
Stock of Direct Foreign Investment Abroad
$889 million (2014 est.); $835 million (2013 est.); country comparison to the world: 90;
Exchange Rates
Bermudian dollars (BMD) per US dollar -; 1 (2017 est.); 1 (2016 est.); 1 (2015 est.); 1 (2014 est.); 1 (2013 est.);
