Bermuda Economy - 2024

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.)

Unemployment rate

7% (2017 est.)
7% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 29.3% (2014 est.)

male: 29.7%

female: 29%

Population below poverty line

11% (2008 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

22.86% of GDP (2020 est.)
20.84% of GDP (2019 est.)
20.02% of GDP (2018 est.)

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 -

Exchange rates:
1 (2021 est.)
1 (2020 est.)
1 (2019 est.)
1 (2018 est.)
1 (2017 est.)