Bermuda Economy - 2004

Economy - overview:
Bermuda enjoys one of the highest per capita incomes in the world, equal to that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. The effects of 11 September 2001 have had both positive and negative ramifications for Bermuda. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the negative side, Bermuda's tourism industry - which derives over 80% of its visitors from the US - was severely hit as American tourists chose not to travel. Tourism rebounded somewhat in 2002-03. Most capital equipment and food must be imported. Bermuda's industrial sector is small, although construction continues to be important; the average cost of a house in June 2003 had risen to $976,000. Agriculture is limited, only 6% of the land being arable.

GDP:
purchasing power parity - $2.33 billion (2003 est.)

GDP - real growth rate:
2% (2003 est.)

GDP - per capita:
purchasing power parity - $36,000 (2003 est.)

GDP - composition by sector:
agriculture: 1%
industry: 10%
services: 89% (2002 est.)

Population below poverty line:
19% NA% (2000)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
3.3% (mid-2003 est.)

Labor force:
37,472 (2000)

Labor force - by occupation:
clerical 22%, services 20%, laborers 17%, professional and technical 17%, administrative and managerial 13%, sales 8%, agriculture and fishing 3% (2000 est.)

Unemployment rate:
5% (2002 est.)

Budget:
revenues: $671.1 million
expenditures: $594.6 million, including capital expenditures of $55 million (FY03/04)

Industries:
tourism, international business, light manufacturing

Industrial production growth rate:
NA%

Electricity - production:
643.7 million kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
598.6 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
4,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Agriculture - products:
bananas, vegetables, citrus, flowers; dairy products

Exports:
$879 million (2002)

Exports - commodities:
reexports of pharmaceuticals

Exports - partners:
France 77.6%, Peru 3.1%, UK 2.8% (2002)

Imports:
$5.523 billion (2002)

Imports - commodities:
machinery and transport equipment, construction materials, chemicals, food and live animals

Imports - partners:
Kazakhstan 40.1%, France 21.1%, Italy 9%, US 8.3%, South Korea 7.2%, Mexico 4.1% (2002)

Debt - external:
$160 million (FY99/00)

Economic aid - recipient:
$NA

Currency:
Bermudian dollar (BMD)

Currency code:
BMD

Exchange rates:
Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar)