Bermuda Economy 2008

Economy - overview:
Bermuda enjoys the highest per capita income in the world, more than 50% higher than that of the US. 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 small, although construction continues to be important; the average cost of a house in June 2003 had risen to $976,000. Agriculture is limited with only 20% of the land being arable.

GDP (purchasing power parity):
$4.5 billion (2004 est.)

GDP (official exchange rate):
$NA

GDP - real growth rate:
4.6% (2004 est.)

GDP - per capita (PPP):
$69,900 (2004 est.)

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

Labor force:
38,360 (2004)

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.)

Population below poverty line:
19% (2000)

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

Inflation rate (consumer prices):
2.8% (November 2005)

Budget:
revenues: $738 million
expenditures: $665 million (FY04/05)

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

Industries:
international business, tourism, light manufacturing

Industrial production growth rate:
NA%

Electricity - production:
618 million kWh (2005)

Electricity - consumption:
574.8 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005)

Oil - consumption:
4,400 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2005)

Oil - imports:
4,250 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$763 million (2006)

Exports - commodities:
reexports of pharmaceuticals

Exports - partners:
Spain 31.6%, UK 16.6%, Brazil 9.6%, Sweden 7.9% (2006)

Imports:
$1.162 billion (2006)

Imports - partners:
US 71.8%, Venezuela 6.9%, Canada 6.6% (2006)

Economic aid - recipient:
$90,000 (2004)

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

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Market value of publicly traded shares:
$2.125 billion (2005)

Currency (code):
Bermudian dollar (BMD)

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