Bermuda - Economy
Geography - People - Economy - Government - Communications - Transportation - Military - Transnational IssuesBermuda is located North America, group of islands in the North Atlantic Ocean, east of South Carolina (US). The climate is subtropical; mild, humid; gales, strong winds common in winter. The terrain is low hills separated by fertile depressions.
Economy - overview
This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.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)
This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per- capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP- denominated GDP values for most of the wealthy industrialized countries are generally much smaller.GDP (purchasing power parity) : $4.5 billion (2004 est.)
GDP (official exchange rate)
This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at official exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artificially fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home- currency-denominated GDP changed.GDP (official exchange rate) : $NA
GDP - real growth rate
This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent.GDP - real growth rate : 4.6% (2004 est.)
GDP - per capita (PPP)
This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.GDP - per capita (PPP) : $69,900 (2004 est.)
GDP
GDP - composition by sector - agriculture : 1%
GDP - composition by sector - industry : 10%
GDP - composition by sector - services : 89% (2002 est.)
Labor force
This entry contains the total labor force figure.Labor force : 38,360 (2004)
Labor force - by occupation
This entry lists the percentage distribution of the labor force by occupation. The distribution will total less than 100 percent if the data are incomplete.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
This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.Unemployment rate : 2.1% (2004 est.)
Population below poverty line
Population below poverty line : 19% (2000)
Household income or consumption by percentage share
Data on household income or consumption come from household surveys, the results adjusted for household size. Nations use different standards and procedures in collecting and adjusting the data. Surveys based on income will normally show a more unequal distribution than surveys based on consumption. The quality of surveys is improving with time, yet caution is still necessary in making inter-country comparisons.Household income or consumption by percentage share - lowest 10% : NA%
Household income or consumption by percentage share - highest 10% : NA%
Budget
This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Budget - revenues : $738 million
Budget - expenditures : $665 million (FY04/05)
Fiscal year
Fiscal year : 1 April - 31 March
Inflation rate (consumer prices)
This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.Inflation rate (consumer prices) : 2.8% (November 2005)
Agriculture - products
This entry is an ordered listing of major crops and products starting with the most important.Agriculture - products : bananas, vegetables, citrus, flowers; dairy products, honey
Industries
This entry provides a rank ordering of industries starting with the largest by value of annual output.Industries : international business, tourism, light manufacturing
Industrial production growth rate
This entry gives the annual percentage increase in industrial production (includes manufacturing, mining, and construction).Industrial production growth rate : NA%
Electricity - production
This entry is the annual electricity generated expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.Electricity - production : 675.6 million kWh (2007 est.)
Electricity - consumption
This entry consists of total electricity generated annually plus imports and minus exports, expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.Electricity - consumption : 619.8 million kWh (2006 est.)
Electricity - exports
This entry is the total exported electricity in kilowatt-hours.Electricity - exports : 0 kWh (2007 est.)
Electricity - imports
This entry is the total imported electricity in kilowatt-hours.Electricity - imports : 0 kWh (2007 est.)
Electricity
Electricity - production by source - fossil fuel : 100%
Electricity - production by source - hydro : 0%
Electricity - production by source - nuclear : 0%
Electricity - production by source - other : 0% (2001)
Oil - production
This entry is the total oil produced in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.Oil - production : 0 bbl/day (2007 est.)
Oil - consumption
This entry is the total oil consumed in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.Oil - consumption : 4,566 bbl/day (2006 est.)
Oil - exports
This entry is the total oil exported in barrels per day (bbl/day), including both crude oil and oil products.Oil - exports : 0 bbl/day (2005)
Oil - imports
This entry is the total oil imported in barrels per day (bbl/day), including both crude oil and oil products.Oil - imports : 4,378 bbl/day (2005)
Oil - proved reserves
This entry is the stock of proved reserves of crude oil in barrels (bbl). Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.Oil - proved reserves : 0 bbl (1 January 2006 est.)
Natural gas - production
This entry is the total natural gas produced in cubic meters (cu m). The discrepancy between the amount of natural gas produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes and other complicating factors.Natural gas - production : 0 cu m (2007 est.)
Natural gas - consumption
This entry is the total natural gas consumed in cubic meters (cu m). The discrepancy between the amount of natural gas produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes and other complicating factors.Natural gas - consumption : 0 cu m (2007 est.)
Natural gas - exports
This entry is the total natural gas exported in cubic meters (cu m).Natural gas - exports : 0 cu m (2007 est.)
Natural gas - imports
This entry is the total natural gas imported in cubic meters (cu m).Natural gas - imports : 0 cu m (2007 est.)
Natural gas - proved reserves
This entry is the stock of proved reserves of natural gas in cubic meters (cu m). Proved reserves are those quantities of natural gas, which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.Natural gas - proved reserves : 0 cu m (1 January 2006 est.)
Exports
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Exports : $763 million (2006)
Exports - commodities
This entry provides a listing of the highest- valued exported products; it sometimes includes the percent of total dollar value.Exports - commodities : reexports of pharmaceuticals
Exports - partners
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.Exports - partners : Spain 13.8%, Germany 11.7%, Switzerland 8.8%, Denmark 6.6%, UK 6% (2007)
Imports
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Imports : $1.162 billion (2006)
Imports - commodities
This entry provides a listing of the highest- valued imported products; it sometimes includes the percent of total dollar value.Imports - commodities : clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals
Imports - partners
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.Imports - partners : South Korea 36.4%, US 15.7%, Germany 13.2%, Italy 11.8% (2007)
Economic aid
Economic aid - recipient : $90,000 (2004)
Debt - external
This entry gives the total public and private debt owed to nonresidents repayable in foreign currency, goods, or services. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Debt - external : $160 million (FY99/00)
Stock of direct foreign investment - at home
This entry gives the cumulative US dollar value of all investments in the home country made directly by residents - primarily companies - of other countries as of the end of the time period indicated. Direct investment excludes investment through purchase of shares.Stock of direct foreign investment - at home : $NA
Stock of direct foreign investment - abroad
This entry gives the cumulative US dollar value of all investments in foreign countries made directly by residents - primarily companies - of the home country, as of the end of the time period indicated. Direct investment excludes investment through purchase of shares.Stock of direct foreign investment - abroad : $NA
Market value of publicly traded shares
This entry gives the value of shares issued by publicly traded companies at a price determined in the national stock markets on the final day of the period indicated. It is simply the latest price per share multiplied by the total number of outstanding shares, cumulated over all companies listed on the particular exchange.Market value of publicly traded shares : $2.125 billion (2005)
Currency (code)
Currency (code) : Bermudian dollar (BMD)
Currency code
Currency code : BMD
Exchange rates
This entry provides the official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat. The International Organization for Standardization (ISO) 4217 alphabetic currency code for the national medium of exchange is presented in parenthesis.Exchange rates : Bermudian dollars (BMD) per US dollar - 1.0000 (fixed rate pegged to the US dollar)
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