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: 2%
Industry: 13%
Services: 85% (2016 est.)
2017: 7%
2016: 7%
Lowest 10: NA
Highest 10: NA
Revenues: 999.2 million (2017 est.)
Expenditures: 1.176 billion (2017 est.)
FY14/15: 43% of GDP
30 September 2014: $3.374 billion
31 December 2013: $3.422 billion
30 September 2014: $22.1 billion
31 December 2013: $25.1 billion
31 December 2015: $1.85 billion
31 December 2014: $1.601 billion
31 December 2013: $1.467 billion
2017: $2.515 billion
2015: $2.435 billion
2014: $2.641 billion
2013: $2.664 billion
2014: $889 million
2013: $835 million
Currency: Bermudian dollars (BMD) per US dollar -
Exchange rates:
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