Bermuda Economy - 2022

GEOGRAPHICAL NAMES 

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 (purchasing power parity)

$5.23 billion (2019 est.) note: data are in 2017 dollars

$5.2 billion (2018 est.) note: data are in 2017 dollars

$5.227 billion (2017 est.)

Real GDP growth rate

-0.1% (2016 est.)

0.6% (2015 est.)

-0.3% (2014 est.)

Real GDP per capita

$81,800 (2019 est.) note: data are in 2017 dollars

$81,400 (2018 est.) note: data are in 2017 dollars

$81,835 (2017 est.)

GDP (official exchange rate)

$6.127 billion (2016 est.)

Inflation rate (consumer prices)

1.9% (2017 est.)

1.4% (2016 est.)

Credit ratings

Fitch rating: N/A (2015)

Moody's rating: A2 (2016)

Standard & Poors rating: A+ (2015)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

Labor force

33,480 (2016 est.)

Labor force - by occupation

agriculture: 2%

industry: 13%

services: 85% (2016 est.)

Unemployment rate

7% (2017 est.)

7% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 29.3%

male: 29.7%

female: 29% (2014 est.)

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.)

Budget surplus (+) or deficit (-)

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

Public debt

43% of GDP (FY14/15)

Taxes and other revenues

16.3% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$818.6 million (2017 est.)

$763 million (2016 est.)

Exports

$1.59 billion (2019 est.)

$1.59 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

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

Exports - commodities

re-exports of pharmaceuticals

Imports

$2.23 billion (2019 est.) note: data are in current year dollars

$2.2 billion (2018 est.) note: data are in current year dollars

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.)

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 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bermuda 2022 information contained here. All suggestions for corrections of any errors about Bermuda 2022 should be addressed to the CIA or the source cited on each page.