Economy - overview Bermuda enjoys one of the highest per capita incomes in the world, having successfully exploited its location by providing financial services for international firms and luxury tourist facilities for 360,000 visitors annually. The tourist industry, which accounts for an estimated 28% of GDP, attracts 84% 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. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms.

GDP purchasing power parity - $1.8 billion (1996 est.)

GDP - real growth rate 2.4% (1996 est.)

GDP - per capita purchasing power parity - $29,000 (1996 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index 1.8% (November 1997)

Labor force
total: 34,633
by occupation: clerical 23%, services 22%, laborers 17%, professional and technical 17%, administrative and managerial 12%, sales 7%, agriculture and fishing 2% (1996)

Unemployment rate NEGL% (1995)

Budget
revenues: $430.9 million
expenditures: $452.9 million, including capital expenditures of $50 million (FY95/96 est.)

Industries tourism, finance, insurance, structural concrete products, paints, perfumes, pharmaceuticals, ship repairing

Industrial production growth rate NA%

Electricity - capacity 145,000 kW (1996)

Electricity - production 527,526,728 kWh (1996)

Electricity - consumption per capita 7,856 kWh (1996)

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

Exports
total value: $67.7 million (f.o.b., 1996 est.)
commodities: reexports of pharmaceuticals
partners: Netherlands 50%, Brazil 13%, Canada 6% (1996)

Imports
total value: $569 million (f.o.b., 1996 est.)
commodities: miscellaneous manufactured articles, machinery and transport equipment, food and live animals, chemicals
partners: US 73%, UK 5%, Canada 4% (1996 est.)

Debt - external $NA

Economic aid $NA

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

NOTE: The information regarding Bermuda on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bermuda Economy 1998 information contained here. All suggestions for corrections of any errors about Bermuda Economy 1998 should be addressed to the CIA.