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Bermuda Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Bermuda Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Tourism accounts for about 5% of Bermuda's GDP, but a much larger share of employment. Over 80% of its visitors come from the US. The sector struggled in the wake of the global recession of 2008-09. International business, which consists primarily of reinsurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Even this sector, however, has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island.Bermuda's economy entered its seventh straight year of recession in 2015. Unemployment is 9%, public debt is growing and exceeds $2.3 billion, the government pension fund faces a $2.4 billion shortfall, and the economy has not attracted significant new foreign investment. Bermuda's FY15/16 budget projects a 12% larger deficit than FY14/15. The government announced it would borrow $125 million in 2015 to meet current operating expenses. Still, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US.

GDP (purchasing power parity):
$5.198 billion (2013 est.) $5.331 billion (2012 est.) $5.6 billion (2011 est.)
country comparison to the world: 174

GDP (official exchange rate):
$5.198 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.5% (2013 est.) -4.8% (2012) -3.5% (2011 est.)
country comparison to the world: 214
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$85,700 (2013 est.) $85,400 (2012 est.) $86,000 (2011 est.)
country comparison to the world: 8

GDP - composition, by end use:
household consumption: 54.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 50.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 5.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 93.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
international business, tourism, light manufacturing

Industrial production growth rate:
2.3% (2017 est.)
country comparison to the world: 120
[see also: Industrial production growth rate country ranks ]

Labor force:
33,490 (2014 est.)
country comparison to the world: 203
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 83% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9% (2014 est.) 7% (2013)
country comparison to the world: 121
[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: $1.013 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.16 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
19.5% of GDP (2017 est.)
country comparison to the world: 157
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% of GDP (2017 est.)
country comparison to the world: 106
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
43% of GDP (FY14/15)
country comparison to the world: 126
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.6% (2017 est.) 1.4% (2016 est.)
country comparison to the world: 70
[see also: Inflation rate (consumer prices) country ranks ]

Stock of narrow money:
$3.374 billion (30 September 2014 est.) $3.422 billion (31 December 2013 est.)
note: figures do not include US dollars, which also circulate freely
country comparison to the world: 114
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$22.1 billion (30 September 2014 est.) $25.1 billion (31 December 2013 est.)
country comparison to the world: 87
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$NA
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.85 billion (31 December 2015 est.) $1.601 billion (31 December 2014 est.) $1.467 billion (31 December 2013 est.)
country comparison to the world: 101
[see also: Market value of publicly traded shares country ranks ]

Exports:
$20 million (2017 est.) $19 million (2016 est.)
country comparison to the world: 211
[see also: Exports country ranks ]

Exports - commodities:
reexports of pharmaceuticals

Exports - partners:
Latvia 33.4%, Jamaica 16.6%, US 13.7%, Nigeria 11.7%, Israel 4.7% (2016)

Imports:
$979.5 million (2017 est.) $951 million (2016 est.)
country comparison to the world: 179
[see also: Imports country ranks ]

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

Imports - partners:
US 54.2%, Japan 17.9%, South Korea 13.7%, Canada 4.9% (2016)

Debt - external:
$2.435 billion (2015 est.) $1.4 billion (2012 est.)
country comparison to the world: 150
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$2.641 billion (2014 est.) $2.664 billion (2013 est.)
country comparison to the world: 112
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$889 million (2014 est.) $835 million (2013 est.)
country comparison to the world: 87
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Bermudian dollars (BMD) per US dollar - 1 (2017 est.) 1 (2016 est.) 1 (2015 est.) 1 (2014 est.) 1 (2013 est.)

NOTE: 1) The information regarding Bermuda on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bermuda Economy 2018 information contained here. All suggestions for corrections of any errors about Bermuda Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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