Bermuda Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation area

Real GDP (purchasing power parity)

$5.127 billion (2021 est.) note: data are in 2017 dollars

$4.863 billion (2020 est.) note: data are in 2017 dollars

$5.22 billion (2019 est.)

Real GDP growth rate

5.41% (2021 est.)

-6.84% (2020 est.)

0.31% (2019 est.)

Real GDP per capita

$80,300 (2021 est.) note: data are in 2017 dollars

$76,100 (2020 est.) note: data are in 2017 dollars

$81,700 (2019 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

0.1% (2021 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

$1.015 billion (2021 est.)

$853.85 million (2020 est.)

$838.701 million (2019 est.)

Exports

$1.123 billion (2021 est.)

$1.027 billion (2020 est.)

$1.605 billion (2019 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

recreational boats, ships, trailers, aircraft, fertilizers (2021)

Imports

$1.925 billion (2021 est.) note: data are in current year dollars

$1.723 billion (2020 est.) note: data are in current year dollars

$2.224 billion (2019 est.)

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 (2021 est.)

1 (2020 est.)

1 (2019 est.)

1 (2018 est.)

1 (2017 est.)

NOTE: The information regarding Bermuda on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bermuda 2023 information contained here. All suggestions for corrections of any errors about Bermuda 2023 should be addressed to the CIA or the source cited on each page.