Economy in Bermuda

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Economy—overview: Bermuda enjoys one of the highest per capita incomes in the world having successfully exploited its location by providing financial services for international firms and luxury tourist facilities for 360 000 visitors annually. The tourist industry which accounts for an estimated 28% of GDP attracts 84% of its business from North America. The industrial sector is small and agriculture is severely limited by a lack of suitable land. About 80% of food needs are imported. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms.

GDP: purchasing power parity—$1.8 billion (1996 est.)

GDP—real growth rate: 2.4% (1996 est.)

GDP—per capita: purchasing power parity—$29 000 (1996 est.)

GDP—composition by sector:

agriculture: NA%

industry: NA%

services: NA%

Inflation rate—consumer price index: 1.8% (November 1997)

Labor force:

total: 34 633

by occupation: clerical 23% services 22% laborers 17% professional and technical 17% administrative and managerial 12% sales 7% agriculture and fishing 2% (1996)

Unemployment rate: NEGL% (1995)

Budget:

revenues: $430.9 million

expenditures: $452.9 million including capital expenditures of $50 million (FY95/96 est.)

Industries: tourism finance insurance structural concrete products paints perfumes pharmaceuticals ship repairing

Industrial production growth rate: NA%

Electricity—capacity: 145 000 kW (1996)

Electricity—production: 527 526 728 kWh (1996)

Electricity—consumption per capita: 7 856 kWh (1996)

Agriculture—products: bananas vegetables citrus flowers; dairy products

Exports:

total value: $67.7 million (f.o.b. 1996 est.)

commodities: reexports of pharmaceuticals

partners: Netherlands 50% Brazil 13% Canada 6% (1996)

Imports:

total value: $569 million (f.o.b. 1996 est.)

commodities: miscellaneous manufactured articles machinery and transport equipment food and live animals chemicals

partners: US 73% UK 5% Canada 4% (1996 est.)

Debt—external: $NA

Economic aid: $NA

Currency: 1 Bermudian dollar (Bd$) = 100 cents

Exchange rates: Bermudian dollar (Bd$) per US$1—1.0000 (fixed rate)

Fiscal year: 1 April—31 March

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