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Bermuda: Economy

Economy Bermuda
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

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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