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Bermuda: Economy#

Despite four years of recession and a public debt of $1.4 billion, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US. The average cost of a single-family home in 2012 was $1.1 million. Its economy is primarily based on international business and the provision of financial services to that sector, and to a lesser extent tourism. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again after Hurricanes Katrina, Rita, and Wilma in 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 and has dropped in its relevant importance to the economy, although it is still important as a job creator. Bermuda must import almost everything. Agriculture is limited due to the small size of the island and Bermuda's industrial sector is small.

Economic Facts#

GDP (purchasing power parity)$5.6 billion (2011 est.)
$5.803 billion (2010 est.)
GDP - real growth rate-3.5% (2011)
GDP - per capita (PPP)$86,000 (2011 est.)
GDP - composition, by sector of originagriculture: 0.7%
industry: 5.7%
services: 93.5% (2013 est.)
Population below poverty line11% (2008 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture and fishing: 3%
laborers: 17%
clerical: 19%
professional and technical: 21%
administrative and managerial: 15%
sales: 7%
services: 19% (2004 est.)
Exports - commoditiesreexports of pharmaceuticals
Exports - partnersAustralia 17%, US 14.8%, Indonesia 12.6% (2012)
Agriculture - productsbananas, vegetables, citrus, flowers; dairy products, honey
Budgetrevenues: $973.2 million
expenditures: $1.115 billion (FY11/12)
Imports - commoditiesclothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals
Imports - partnersSouth Korea 46.2%, US 21%, Singapore 9.9%, China 7%, Turkmenistan 4.8% (2012)
Exchange ratesBermudian dollars (BMD) per US dollar -
1 (2013 est.)
1 (2012 est.)
Exports$13 million (2013 est.)
$12 million (2012 est.)
Debt - external$1.4 billion (2012 est.)
Fiscal year1 April - 31 March
Imports$925 million (2013 est.)
$900 million (2012 est.)
Industrial production growth rate1% (2013 est.)
Industriesinternational business, tourism, light manufacturing
Inflation rate (consumer prices)1.8% (2013 est.)
2.4% (2012 est.)
Labor force37,400 (2011)
Unemployment rate8% (2012 est.)
GDP (official exchange rate)$5.6 billion (2011)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$1.487 billion (31 December 2012 est.)
$1.436 billion (31 December 2011)
$1.535 billion (31 December 2010 est.)
Taxes and other revenues17.4% of GDP (FY11/12 est.)
Budget surplus (+) or deficit (-)-2.5% of GDP (FY11/12 est.)
GDP - composition, by end usehousehold consumption: 29.4%
government consumption: 15%
investment in fixed capital: 23.3%
investment in inventories: 0%
exports of goods and services: 64.8%
imports of goods and services: -32.5%
(2013 est.)