Bermuda Economy

Is Bermuda a rich country?

International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island.

Bermuda's economy returned to negative growth in 2016, reporting a contraction of 0.1% GDP, after growing by 0.6% in 2015. Unemployment reached 7% in 2016 and 2017, public debt is growing and exceeds $2.4 billion, and the government continues to work on attracting foreign investment. Still, Bermuda enjoys one of the highest per capita incomes in the world.

Bermuda Economy Data

What is the GDP of Bermuda?

GDP - Gross Domestic Product (PPP) $5,198,000,000 (USD)
GDP - official exchange rate $5,198,000,000 (USD)
GDP - real growth rate -2.5%
GDP Per Capita $85,700.00 (USD)
GDP by Sector- agriculture 0.7%
GDP by Sector- Industry 5.8%
GDP by Sector- services 93.4%
GDP - composition, by end use household consumption: 53.4%

government consumption: 15.3%

investment in fixed capital: 10.9%

investment in inventories: -0.1%

exports of goods and services: 41.8%

imports of goods and services: -21.3%
Population Below Poverty Line 11%
Inflation Rate 1.2%
Labor Force 33,490
Labor Force By Occupation- agriculture 2%
Labor Force By Occupation- industry 15%
Labor Force By Occupation- services 83%
Unemployment Rate 9%
Fiscal Year 1 April - 31 March
Annual Budget $960,100,000 (USD)
Budget Surplus or Deficit - percent of GDP -3.7%
Public Debt (% of GDP) 43%
Taxes and other revenues - percent of GDP 18.5%
Major Industries international business, tourism, light manufacturing
Industrial Growth Rate 2%
Agriculture Products bananas, vegetables, citrus, flowers; dairy products, honey
Currency Code 1
Labor Force By Occupation - administrative and managerial 15%
Labor Force By Occupation - agriculture and fishing 3%
Labor Force By Occupation - clerical 19%
Labor Force By Occupation - laborers 17%
Labor Force By Occupation - professional and technical 21%
Labor Force By Occupation - sales 7%
Labor Force By Occupation - services 19%

Labor Force by Occupation- As reported by Bermuda

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