Bermuda Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic overview

International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector 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 returned to negative growth in 2016, reporting a contraction of 0.1% GDP, after growing by 0.6% in 2015. Unemployment reached 7% in 2016 and 2017, public debt is growing and exceeds $2.4 billion, and the government continues to work on attracting foreign investment. Still, Bermuda enjoys one of the highest per capita incomes in the world.

Real GDP growth rate

-0.1% (2016 est.)

0.6% (2015 est.)

-0.3% (2014 est.)

country comparison to the world: 195

Inflation rate (consumer prices)

1.9% (2017 est.)

1.4% (2016 est.)

country comparison to the world: 106

Credit ratings

Fitch rating: N/A (2015)

Moody's rating: A2 (2016)

Standard & Poors rating: A+ (2015)

Real GDP (purchasing power parity)

$5.228 billion (2019 est.)

$5.204 billion (2018 est.)

$5.227 billion (2017 est.)

country comparison to the world: 177

GDP (official exchange rate)

$6.127 billion (2016 est.)

Real GDP per capita

$81,798 (2019 est.)

$81,421 (2018 est.)

$81,835 (2017 est.)

country comparison to the world: 9

Gross national saving

40.4% of GDP (2018 est.)

40.5% of GDP (2017 est.)

country comparison to the world: 12

GDP - composition, by sector of origin

agriculture: 0.9% (2017 est.)

industry: 5.3% (2017 est.)

services: 93.8% (2017 est.)

GDP - composition, by end use

household consumption: 51.3% (2017 est.)

government consumption: 15.7% (2017 est.)

investment in fixed capital: 13.7% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 49.8% (2017 est.)

imports of goods and services: -30.4% (2017 est.)

Agricultural products

bananas, vegetables, citrus, flowers; dairy products, honey

Industries

international business, tourism, light manufacturing

Industrial production growth rate

2% (2017 est.)

country comparison to the world: 129

Labor force

33,480 (2016 est.)

country comparison to the world: 201

Labor force - by occupation

agriculture: 2%

industry: 13%

services: 85% (2016 est.)

Unemployment rate

7% (2017 est.)

7% (2016 est.)

country comparison to the world: 113

Population below poverty line

11% (2008 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 999.2 million (2017 est.)

expenditures: 1.176 billion (2017 est.)

Taxes and other revenues

16.3% (of GDP) (2017 est.)

country comparison to the world: 183

Budget surplus (+) or deficit (-)

-2.9% (of GDP) (2017 est.)

country comparison to the world: 127

Public debt

43% of GDP (FY14/15)

country comparison to the world: 117

Fiscal year

1 April - 31 March

Current account balance

$818.6 million (2017 est.)

$763 million (2016 est.)

country comparison to the world: 52

Exports

$19 million (2017 est.)

$19 million (2016 est.)

country comparison to the world: 211

Exports - partners

Jamaica 49.1%, Luxembourg 36.1%, US 4.9% (2017)

Exports - commodities

reexports of pharmaceuticals

Imports

$1.094 billion (2017 est.)

$980 million (2016 est.)

country comparison to the world: 184

Imports - partners

United States 44%, South Korea 17%, Germany 10%, Canada 8% (2019)

Imports - commodities

ships, refined petroleum, postage stamps, recreational boats, aircraft (2019)

Debt - external

$2.515 billion (2017 est.)

$2.435 billion (2015 est.)

country comparison to the world: 149

Exchange rates

Bermudian dollars (BMD) per US dollar -

1 (2020 est.)

1 (2019 est.)

1 (2018 est.)

1 (2014 est.)

1 (2013 est.)

NOTE: The information regarding Bermuda on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bermuda 2021 information contained here. All suggestions for corrections of any errors about Bermuda 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.