Economy Of Bermuda

Economy overview	Bermuda enjoys one of the highest per capita incomes in the world, equal to that of the US. Its economy is 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 - was severely hit as American tourists chose not to travel. Tourism rebounded somewhat in 2002-03. Most capital equipment and food must be imported. Bermuda's industrial sector is small, although construction continues to be important; the average cost of a house in June 2003 had risen to $976,000. Agriculture is limited, only 6% of the land being arable.
GDP	purchasing power parity - $2.33 billion (2003 est.)
GDP - real growth rate	2% (2003 est.)
GDP - per capita	purchasing power parity - $36,000 (2003 est.)
GDP - composition by sector	agriculture: 1% industry: 10% services: 89% (2002 est.)
Investment gross fixed
Population below poverty line	19% (2000)
Household income or consumption by percentage share	lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index
Inflation rate consumer prices	3.3% (mid-2003 est.)
Labor force	37,470 (2000)
Labor force by occupation	agriculture and fishing 3%, laborers 17%, clerical 22%, professional and technical 17%, administrative and managerial 13%, sales 8%, services 20% (2000 est.)
Unemployment rate	5% (2002 est.)
Budget	revenues: $671.1 million expenditures: $594.6 million, including capital expenditures of $55 million (FY03/04)
Public debt
Agriculture products	bananas, vegetables, citrus, flowers; dairy products
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)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$879 million (2002)
Exports commodities	reexports of pharmaceuticals
Exports partners	France 62%, Norway 13.8%, UK 7.5% (2003)
Imports	$5.523 billion (2002)
Imports commodities	machinery and transport equipment, construction materials, chemicals, food and live animals
Imports partners	Kazakhstan 46.7%, France 32.5%, US 8.5% (2003)
Reserves of foreign exchange gold
Debt external	$160 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

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This information was reproduced in part from the CIA World Fact book.

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Economy Of Bermuda