| Economy | Bermuda |
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Economy - overview:
|
Bermuda enjoys the fourth highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 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 but remains the island's number two industry. Most capital equipment and food must be imported. Bermuda's industrial sector is largely focused on construction and agriculture is limited, with only 20% of the land being arable. |
GDP (purchasing power parity):
|
$4.5 billion (2004 est.) |
GDP - per capita (PPP):
|
$69,900 (2004 est.) |
GDP (official exchange rate):
|
$NA |
GDP - real growth rate:
|
4.6% (2004 est.) |
GDP - composition by sector:
|
agriculture: 0.7%
industry: 8.4%
services: 90.8% (2011 est.) |
Investment (gross fixed):
|
23.9% of GDP (2011 est.) |
Population below poverty line:
|
19% (2000) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.8% (2011 est.)
2.4% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
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38,360 (2004) |
Labor force participation rate:
|
55.85 % of population |
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:
|
2.1% (2004 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $738 million
expenditures: $665 million (FY04/05) |
Budget revenues per capita:
|
10,746 USD per capita |
Taxes and other revenues:
|
void |
Budget surplus (+) or deficit (-):
|
void |
Public debt:
|
void |
Industries:
|
international business, tourism, light manufacturing |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
693.7 million kWh (2009 est.) |
Electricity - production per capita:
|
10,101 kWh per capita |
Electricity - consumption:
|
636.4 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
9,267 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
5,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
26.57 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
4,804 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
bananas, vegetables, citrus, flowers; dairy products, honey |
Current account balance:
|
$730 million (2011 est.)
$818 million (2010 est.) |
Current account balance - per capita:
|
10,630 USD per capita |
Exports:
|
$28 million (2011 est.)
$27 million (2010 est.) |
Exports per capita:
|
408 USD per capita |
Exports - commodities:
|
reexports of pharmaceuticals |
Exports - partners:
|
India 88.4%, France 14.6%, Germany 13.2%, Norway 7.2%, Bangladesh 6.7%, Indonesia 6.5%, US 4.4%, Nepal 1.8% (2010) |
Imports:
|
$1.06 billion (2011 est.)
$966 million (2010 est.) |
Imports per capita:
|
15,435 USD per capita |
Imports - commodities:
|
clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals |
Imports - partners:
|
India 63.1%, Germany 36.2%, South Korea 22.2%, US 15.9%, India 9.1%, China 8.4%, India 4.5% (2010) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$160 million (FY99/00) |
Debt - external - per capita:
|
2,330 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$1.535 billion (31 December 2010)
$1.36 billion (31 December 2009)
$1.912 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
22,351 USD per capita |
Currency (code):
|
Bermudian dollar (BMD) |
Exchange rates:
|
Bermudian dollars (BMD) per US dollar - 1 (2011)
note: (fixed rate pegged to the US dollar) |
Fiscal year:
|
1 April - 31 March |
|
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