Bermuda:
Economy

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Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Bermuda enjoys the third 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)	Definition - World rank and map $4.5 billion (2004 est.)
GDP (official exchange rate)	Definition $NA
GDP - real growth rate	Definition - World rank and map 4.6% (2004 est.)
GDP - per capita	Definition - World rank and map $69,900 (2004 est.)
GDP - composition by sector	Definition agriculture: 1% industry: 10% services: 89% (2002 est.)
Labor force	Definition 38,360 (2004)
Labor force - by occupation	Definition agriculture and fishing 3%, laborers 17%, clerical 19%, professional and technical 21%, administrative and managerial 15%, sales 7%, services 19% (2004 est.)
Unemployment rate	Definition - World rank and map 2.1% (2004 est.)
Population below poverty line	Definition 19% (2000)
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 2.8% (November 2005)
Budget	Definition revenues: $738 million expenditures: $665 million (FY04/05)
Agriculture - products	Definition bananas, vegetables, citrus, flowers; dairy products, honey
Industries	Definition international business, tourism, light manufacturing
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 618 million kWh (2005)
Electricity - consumption	Definition - World rank and map 574.8 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 8,639 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005)
Oil - consumption	Definition - World rank and map 4,400 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 66.1 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2005)
Oil - imports	Definition - World rank and map 4,250 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Exports	Definition - World rank and map $763 million (2006)
Exports - commodities	Definition reexports of pharmaceuticals
Exports - partners	Definition Brazil 14.2%, Spain 13%, Germany 11%, UK 10.8%, Denmark 6.2% (2006)
Imports	Definition - World rank and map $1.162 billion (2006)
Imports - commodities	Definition clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals
Imports - partners	Definition US 26%, Germany 21.9%, Italy 19.7%, France 5.9% (2006)
Debt - external	Definition - World rank and map $160 million (FY99/00)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $2.125 billion (2005)
Economic aid - recipient	Definition $90,000 (2004)
Currency (code)	Definition Bermudian dollar (BMD)
Exchange rates	Definition Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar)
Fiscal year	Definition 1 April - 31 March

Bermuda: Economy

Bermuda:
Economy