Bermuda/Economy

Economy - overview: Bermuda enjoys one of the highest per capita incomes in the world, having successfully exploited its location by providing financial services for international firms and luxury tourist facilities for 360,000 visitors annually. The tourist industry, which accounts for an estimated 28% of GDP, attracts 84% of its business from North America. The industrial sector is small, and agriculture is severely limited by a lack of suitable land. About 80% of food needs are imported. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms. Government economic priorities are the further strengthening of the tourist and international financial sectors.

GDP: purchasing power parity - $2 billion (1999 est.)

GDP - real growth rate: 2.5% (1999 est.)

GDP - per capita: purchasing power parity - $31,500 (1999 est.)

GDP - composition by sector:
agriculture: 1%
industry: 10%
services: 89% (1995 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 2% (1998 est.)

Labor force: 35,296 (1997)

Labor force - by occupation: clerical 23%, services 22%, laborers 17%, professional and technical 17%, administrative and managerial 12%, sales 7%, agriculture and fishing 2% (1996)

Unemployment rate: NEGL% (1995)

Budget:
revenues: $504.6 million
expenditures: $537 million, including capital expenditures of $75 million (FY97/98)

Industries: tourism, finance, insurance, structural concrete products, paints, perfumes, pharmaceuticals, ship repairing

Industrial production growth rate: NA%

Electricity - production: 420 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 391 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $32 million (1998 est.)

Exports - commodities: reexports of pharmaceuticals

Exports - partners: UK 29.5%, US 9.8% (1997)

Imports: $624 million (1998 est.)

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

Imports - partners: US 34%, UK 9%, Mexico 8% (1997)

Debt - external: $NA

Economic aid - recipient: $27.9 million (1995)

Currency: 1 Bermudian dollar (Bd$) = 100 cents

Exchange rates: Bermudian dollar (Bd$) per US$1 - 1.0000 (fixed rate)

Fiscal year: 1 April - 31 March