Bermuda Economy - 2005

Economy - overview:
Bermuda enjoys one of the highest per capita incomes in the world, nearly equal to that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. The effects of 11 September 2001 have had both positive and negative ramifications for Bermuda. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the negative side, Bermuda's tourism industry - which derives over 80% of its visitors from the US - was severely hit as American tourists chose not to travel. Tourism rebounded somewhat in 2002-04. Most capital equipment and food must be imported. Bermuda's industrial sector is small, although construction continues to be important; the average cost of a house in June 2003 had risen to $976,000. Agriculture is limited, only 20% of the land being arable.

GDP:
purchasing power parity - $2.33 billion (2003 est.)

GDP - real growth rate:
2% (2003 est.)

GDP - per capita:
purchasing power parity - $36,000 (2003 est.)

GDP - composition by sector:
agriculture: 1%
industry: 10%
services: 89% (2002 est.)

Labor force:
37,470 (2000)

Labor force - by occupation:
agriculture and fishing 3%, laborers 17%, clerical 22%, professional and technical 17%, administrative and managerial 13%, sales 8%, services 20% (2000 est.)

Unemployment rate:
5% (2002 est.)

Population below poverty line:
19% (2000)

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
3.3% (mid-2003 est.)

Budget:
revenues: $671.1 million
expenditures: $594.6 million, including capital expenditures of $55 million (FY03/04)

Agriculture - products:
bananas, vegetables, citrus, flowers; dairy products

Industries:
tourism, international business, light manufacturing

Industrial production growth rate:
NA%

Electricity - production:
643 million kWh (2002)

Electricity - consumption:
598 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
4,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$879 million (2002)

Exports - commodities:
reexports of pharmaceuticals

Exports - partners:
France 73.8%, UK 6.2%, Sweden 2.6% (2004)

Imports:
$5.523 billion (2002)

Imports - commodities:
machinery and transport equipment, construction materials, chemicals, food and live animals

Imports - partners:
Kazakhstan 36.6%, France 19.1%, Japan 15.1%, Italy 10.6%, US 8.2% (2004)

Debt - external:
$160 million (FY99/00)

Economic aid - recipient:
NA

Currency (code):
Bermudian dollar (BMD)

Exchange rates:
Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar)