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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 countryâ€™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.Â 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.)

Labor Force

33,480 (2016 est.)

Labor Force by Occupation

Agriculture: 2%

Industry: 13%

Services: 85% (2016 est.)

Unemployment Rate

0: 7% (2017 est.)

1: 7% (2016 est.)

Youth Unemployment Rate

Total: 29.3%

Male: 29.7%

Female: 29% (2014 est.)

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.)

Budget Surplus

-2.9% (of GDP) (2017 est.)

Public Debt

43% of GDP (FY14/15)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

0: $2.515 billion (2017 est.)

1: $2.435 billion (2015 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: Bermudian dollars (BMD) per US dollar -

1: 1 (2020 est.)

2: 1 (2019 est.)

3: 1 (2018 est.)

4: 1 (2014 est.)

5: 1 (2013 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

Taxes and Other Revenues

16.3% (of GDP) (2017 est.)

Fiscal Year

1 April - 31 March

Real GDP

$5.23_billion_2019_est._note
data are
$5.2_billion_2018_est._note
data are
2
$5.227 billion

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

$81,800_2019_est._note
data are in 2017 dollars
$81,400_2018_est._note
data are in 2017 dollars
2
$81,835 (2017 est.)

Inflation Rate

1.9% (2017 est.)
1
1.4% (2016 est.)

Credit Ratings

Fitch rating
N/A (2015)
Moody s rating
A2 (2016)
Standard & Poors rating
A+ (2015)

Gross National Saving

GDP Composition by end Use

Household consumption
51.3% (2017 est.)
Government consumption
15.7% (2017 est.)
Investment in fixed capital
13.7% (2017 est.)
Investment in inventories
0% (2017 est.)
Exports of goods and services
49.8% (2017 est.)
Imports of goods and services
-30.4% (2017 est.)

GDP Composition by Sector of Origin

Agriculture
0.9% (2017 est.)
Industry
5.3% (2017 est.)
Services
93.8% (2017 est.)

Inflation Rate Consumer Prices

Current Account Balance

0
$818.6 million (2017
1
$763 million (2016

Exports

0
$1.59 billion (2019
1
$1.59 billion (2018
Note
Data are in

Exports Partners

Jamaica
49.1%
Luxembourg
36.1%
US
4.9%

Exports Commodities

Re-exports of pharmaceuticals

Imports

$2.23 billion (2019 est.) note: data are in current year dollars

Imports Partners

United
States
South
Korea
Germany
10%
Canada
8%

Imports Commodities

Ships, refined petroleum, postage stamps, recreational boats, aircraft (2019)

Burma