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Bermuda Economy 2014
http://www.theodora.com/wfbcurrent/bermuda/bermuda_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on December 17, 2013

Economy - overview:
Despite four years of recession and a public debt of $1.4 billion, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US. The average cost of a single-family home in 2012 was $1.1 million. Its economy is primarily based on international business and the provision of financial services to that sector, and to a lesser extent tourism. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again after Hurricanes Katrina, Rita, and Wilma in 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 and has dropped in its relevant importance to the economy, although it is still important as a job creator. Bermuda must import almost everything. Agriculture is limited due to the small size of the island and Bermuda's industrial sector is small.

GDP (purchasing power parity):
$5.6 billion (2011 est.)
country comparison to the world: 168

$5.803 billion (2010 est.)
[see also: GDP country ranks ]

GDP (official exchange rate):
$5.6 billion (2011)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-3.5% (2011)
country comparison to the world: 215
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$86,000 (2011 est.)
country comparison to the world: 3
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 33.6%
government consumption: 15.9%
investment in fixed capital: 24.6%
investment in inventories: 0%
exports of goods and services: 68.1%
imports of goods and services: -42.2%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.7%
industry: 5.6%
services: 93.7% (2012 est.)

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

Industries:
international business, tourism, light manufacturing

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
37,400 (2011)
country comparison to the world: 200
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture and fishing: 3%
laborers: 17%
clerical: 19%
professional and technical: 21%
administrative and managerial: 15%
sales: 7%
services: 19% (2004 est.)

Unemployment rate:
8% (2012 est.)
country comparison to the world: 90
[see also: Unemployment rate country ranks ]

Population below poverty line:
11% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $973.2 million
[see also: Budget revenues country ranks ]
expenditures: $1.115 billion (FY11/12)

Taxes and other revenues:
17.4% of GDP (FY11/12 est.)
country comparison to the world: 181
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (FY11/12 est.)
country comparison to the world: 101
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 64

2.7% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$1.533 billion (31 December 2012)
country comparison to the world: 102

$1.436 billion (31 December 2011)
$1.535 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Exports:
$12 million (2012 est.)
country comparison to the world: 210

$16 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
reexports of pharmaceuticals

Exports - partners:
Australia 17%, US 14.8%, Indonesia 12.6% (2012)

Imports:
$900 million (2012 est.)
country comparison to the world: 179

$940 million (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
South Korea 46.2%, US 21%, Singapore 9.9%, China 7%, Turkmenistan 4.8% (2012)

Debt - external:
$1.4 billion (2012 est.)
country comparison to the world: 150
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Bermudian dollars (BMD) per US dollar -

1 (2012 est.)
1 (2011 est.)


NOTE: The information regarding Bermuda on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bermuda Economy 2014 information contained here. All suggestions for corrections of any errors about Bermuda Economy 2014 should be addressed to the CIA.



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