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    Bermuda Economy - 1991

      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.

      GDP: $1.3 billion, per capita $22,400; real growth rate 2.0% (1989 est.)

      Inflation rate (consumer prices): 5.8% (June 1989)

      Unemployment: 2.0% (1988)

      Budget: revenues $307 million; expenditures $275 million, including capital expenditures of $31 million (FY90 est.)

      Exports: $30 million (f.o.b., FY88); commodities--semitropical produce, light manufactures; partners--US 25%, Italy 25%, UK 14%, Canada 5%, other 31%

      Imports: $420 million (c.i.f., FY88); commodities--fuel, foodstuffs, machinery; partners--US 58%, Netherlands Antilles 9%, UK 8%, Canada 6%, Japan 5%, other 14%

      External debt: NA

      Industrial production: growth rate NA%

      Electricity: 154,000 kW capacity; 504 million kWh produced, 8,640 kWh per capita (1990)

      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: US commitments, including Ex-Im (FY70-81), $34 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $267 million

      Currency: Bermudian dollar (plural--dollars); 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bermuda Economy 1991 information contained here. All suggestions for corrections of any errors about Bermuda Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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