Economy - overview:
Bermuda enjoys one of the highest per capita incomes in the world,
with its economy primarily based on providing financial services for
international business and luxury facilities for tourists. The
effects of 11 September 2001 have had both positive and negative
ramifications for Bermuda. On the positive side, a number of new
reinsurance companies have located on the island, contributing to
the expansion of an already robust international business sector. On
the negative side, Bermuda's tourism industry - which derives over
80% of its visitors from the US - has been severely hit as American
tourists have chosen not to travel. Tourism rebounded somewhat in
2002, but remains below the pre-11 September level. Most capital
equipment and food must be imported. Bermuda's industrial sector is
small, although construction continues to be important. Agriculture
is limited, only 6% of the land being arable.
GDP:
purchasing power parity - $2.25 billion (2002 est.)
GDP - real growth rate:
0.5% (2002 est.)
GDP - per capita:
purchasing power parity - $35,200 (2002 est.)
GDP - composition by sector:
agriculture: 1%
industry: 10%
services: 89% (2002 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
2.3% (July 2002)
Labor force:
37,472 (2000)
Labor force - by occupation:
clerical 22%, services 20%, laborers 17%, professional and
technical 17%, administrative and managerial 13%, sales 8%,
agriculture and fishing 3% (2000 est.)
Unemployment rate:
4.5% (1993)
Budget:
revenues: $609.5 million
expenditures: $574.6 million, including capital expenditures of
$54.8 million (FY 00/01)
Industries:
tourism, international business, light manufacturing
Industrial production growth rate:
NA%
Electricity - production:
643.7 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
598.6 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
bananas, vegetables, citrus, flowers; dairy products
Exports:
$51 million (2000)
Exports - commodities:
reexports of pharmaceuticals
Exports - partners:
France 77.4%, UK 2.8%, US 2.4% (2002)
Imports:
$719 million (2000)
Imports - commodities:
machinery and transport equipment, construction materials,
chemicals, food and live animals
Imports - partners:
Kazakhstan 30.9%, France 24.7%, Italy 10.5%, US 9.7%, South Korea
8.4%, Mexico 4.3% (2002)
Debt - external:
$145 million (FY 99/00)
Economic aid - recipient:
$NA
Currency:
Bermudian dollar (BMD)
Currency code:
BMD
Exchange rates:
Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the
US dollar)
Fiscal year:
1 April - 31 March