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Flag of Bermuda  Economy of Bermuda


Economy - overview:
 Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005, contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives over 80% of its visitors from the US - continues to struggle but remains the island's number two industry. 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 with only 20% of the land being arable.
GDP (purchasing power parity):
 $4.5 billion (2004 est.)
GDP (official exchange rate):
 $NA
GDP - real growth rate:
 4.6% (2004 est.)
GDP - per capita (PPP):
 $69,900 (2004 est.)
GDP - composition by sector:
 agriculture: 1% industry: 10% services: 89% (2002 est.)
Labor force:
 38,360 (2004)
Labor force - by occupation:
 agriculture and fishing 3%, laborers 17%, clerical 19%, professional and technical 21%, administrative and managerial 15%, sales 7%, services 19% (2004 est.)
Unemployment rate:
 2.1% (2004 est.)
Population below poverty line:
 19% (2000)
Household income or consumption by percentage share:
 lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices):
 2.8% (November 2005)
Budget:
 revenues: $738 million expenditures: $665 million (FY04/05)
Agriculture - products:
 bananas, vegetables, citrus, flowers; dairy products, honey
Industries:
 international business, tourism, light manufacturing
Industrial production growth rate:
 NA%
Electricity - production:
 618 million kWh (2005)
Electricity - consumption:
 574.8 million kWh (2005)
Electricity - exports:
 0 kWh (2005)
Electricity - imports:
 0 kWh (2005)
Oil - production:
 0 bbl/day (2005)
Oil - consumption:
 4,400 bbl/day (2005 est.)
Oil - exports:
 0 bbl/day (2005)
Oil - imports:
 4,250 bbl/day (2004)
Oil - proved reserves:
 0 bbl (1 January 2006 est.)
Natural gas - production:
 0 cu m (2005 est.)
Natural gas - consumption:
 0 cu m (2005 est.)
Natural gas - exports:
 0 cu m (2005 est.)
Natural gas - imports:
 0 cu m (2005)
Natural gas - proved reserves:
 0 cu m (1 January 2006 est.)
Exports:
 $763 million (2006)
Exports - commodities:
 reexports of pharmaceuticals
Exports - partners:
 Brazil 15%, Spain 13.7%, Germany 11.6%, Denmark 6.5%, UK 6% (2007)
Imports:
 $1.162 billion (2006)
Imports - commodities:
 clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals
Imports - partners:
 US 25.1%, Germany 21.2%, Italy 19%, France 5.7% (2007)
Economic aid - recipient:
 $90,000 (2004)
Debt - external:
 $160 million (FY99/00)
Stock of direct foreign investment - at home:
 $NA
Stock of direct foreign investment - abroad:
 $NA
Market value of publicly traded shares:
 $2.125 billion (2005)
Currency (code):
 Bermudian dollar (BMD)
Exchange rates:
 Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar)
Fiscal year:
 1 April - 31 March

You can use this information freely, but first please provide a reciprocal link and include the following source code on the page where you are using the information:

<a title="Flag of Bermuda" href="http://www.bttranslations.com/countries/flag-of-bermuda.htm" >Flag of Bermuda</a> from the site of <a title="BTT Translation Company" href="http://www.bttranslations.com/">BTT Translation Services</a>
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Country Profile of Bermuda
Communications of Bermuda
Economy of Bermuda
Geography of Bermuda
Government of Bermuda
Transnational Issues of Bermuda
Military of Bermuda
People of Bermuda
Transportation of Bermuda

The information above is a partial reproduction of Google Maps and the CIA World Factbook.


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