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    Bermuda Economy - 2003
    http://www.theodora.com/wfb2003/bermuda/bermuda_economy.html
    SOURCE: 2003 CIA WORLD FACTBOOK

      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 (FY00/01)


      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: 598.64 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: EU excluding UK 78%, US 4.5%, UK 4.4% (2001)


      Imports: $719 million (2000)


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


      Imports - partners: EU 48.5%, Kazakhstan 26.9%, US 8.2%, Mexico 3.8% (2001)


      Debt - external: $145 million (FY99/00)


      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


      NOTE: The information regarding Bermuda on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Bermuda Economy 2003 should be addressed to the CIA.

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    http://www.theodora.com/wfb2003/bermuda/bermuda_economy.html

    Revised 20-Sep-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)


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