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Bermuda Economy 1996

Overview:

Bermuda enjoys one of the highest per capita incomes in the world, having successfully exploited its location by providing luxury tourist facilities and financial services. The tourist industry attracts more than 90% of its business from North America. The industrial sector is small, and agriculture is severely limited by a lack of suitable land. About 80% of food needs are imported.

National product:

GDP - purchasing power parity - $1.7 billion (1994 est.)

National product real growth rate:

2.5% (1994)

National product per capita:

$28,000 (1994 est.)

Inflation rate (consumer prices):

2.5% (1993)

Unemployment rate:

6% (1991)

Budget:

revenues:

$327.5 million

expenditures:

$308.9 million, including capital expenditures of $35.4 million (FY90/91 est.)

Exports:

$60 million (f.o.b., 1991)

commodities:

semitropical produce, light manufactures, re-exports of pharmaceuticals

partners:

US 62.4%, UK 20%

Imports:

$519 million (f.o.b.,1993)

commodities:

fuel, foodstuffs, machinery

partners:

US 38%, UK 5%, Canada 5%

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

140,000 kW

production:

504 million kWh

consumption per capita:

7,745 kWh (1993)

Industries:

tourism, finance, structural concrete products, paints, pharmaceuticals, ship repairing

Agriculture:

accounts for less than 1% of GDP; most basic foods must be imported; produces bananas, vegetables, citrus fruits, flowers, dairy products

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-81), $34 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $277 million

Currency:

1 Bermudian dollar (Bd$) = 100 cents

Exchange rates:

Bermudian dollar (Bd$) per US$1 - 1.0000 (fixed rate)

Fiscal year:

1 April - 31 March

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