Economy - overview:
Tourism accounts for about 5% of Bermuda's GDP, but a much larger share of employment. Over 80% of its visitors come from the US. The sector struggled in the wake of the global recession of 2008-09. International business, which consists primarily of reinsurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Even this sector, however, 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 entered its seventh straight year of recession in 2015. Unemployment is 9%, public debt is growing and exceeds $2.3 billion, the government pension fund faces a $2.4 billion shortfall, and the economy has not attracted significant new foreign investment. Bermuda's FY15/16 budget projects a 12% larger deficit than FY14/15. The government announced it would borrow $125 million in 2015 to meet current operating expenses. Still, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$5.198 billion (2013 est.)
$5.331 billion (2012 est.)
$5.6 billion (2011 est.)
country comparison to the world: 174
$5.198 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
-2.5% (2013 est.)
-4.8% (2012)
-3.5% (2011 est.)
country comparison to the world: 214
[see also: GDP - real growth rate country ranks ]
$85,700 (2013 est.)
$85,400 (2012 est.)
$86,000 (2011 est.)
country comparison to the world: 8
household consumption: 54.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 50.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 0.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 5.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 93.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
bananas, vegetables, citrus, flowers; dairy products, honey
international business, tourism, light manufacturing
2.3% (2017 est.)
country comparison to the world: 120
[see also: Industrial production growth rate country ranks ]
33,490 (2014 est.)
country comparison to the world: 203
[see also: Labor force country ranks ]
agriculture: 2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 83% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]
9% (2014 est.)
7% (2013)
country comparison to the world: 121
[see also: Unemployment rate country ranks ]
11% (2008 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
revenues: $1.013 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.16 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
19.5% of GDP (2017 est.)
country comparison to the world: 157
[see also: Taxes and other revenues country ranks ]
-2.8% of GDP (2017 est.)
country comparison to the world: 106
[see also: Budget surplus (+) or deficit (-) country ranks ]
43% of GDP (FY14/15)
country comparison to the world: 126
[see also: Public debt country ranks ]
1 April - 31 March
1.6% (2017 est.)
1.4% (2016 est.)
country comparison to the world: 70
[see also: Inflation rate (consumer prices) country ranks ]
$3.374 billion (30 September 2014 est.)
$3.422 billion (31 December 2013 est.)
note: figures do not include US dollars, which also circulate freely
country comparison to the world: 114
[see also: Stock of narrow money country ranks ]
$22.1 billion (30 September 2014 est.)
$25.1 billion (31 December 2013 est.)
country comparison to the world: 87
[see also: Stock of broad money country ranks ]
$NA
[see also: Stock of domestic credit country ranks ]
$1.85 billion (31 December 2015 est.)
$1.601 billion (31 December 2014 est.)
$1.467 billion (31 December 2013 est.)
country comparison to the world: 101
[see also: Market value of publicly traded shares country ranks ]
$20 million (2017 est.)
$19 million (2016 est.)
country comparison to the world: 211
[see also: Exports country ranks ]
reexports of pharmaceuticals
Latvia 33.4%, Jamaica 16.6%, US 13.7%, Nigeria 11.7%, Israel 4.7% (2016)
$979.5 million (2017 est.)
$951 million (2016 est.)
country comparison to the world: 179
[see also: Imports country ranks ]
clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals
US 54.2%, Japan 17.9%, South Korea 13.7%, Canada 4.9% (2016)
$2.435 billion (2015 est.)
$1.4 billion (2012 est.)
country comparison to the world: 150
[see also: Debt - external country ranks ]
$2.641 billion (2014 est.)
$2.664 billion (2013 est.)
country comparison to the world: 112
[see also: Stock of direct foreign investment - at home country ranks ]
$889 million (2014 est.)
$835 million (2013 est.)
country comparison to the world: 87
[see also: Stock of direct foreign investment - abroad country ranks ]
Bermudian dollars (BMD) per US dollar -
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
1 (2013 est.)