sinking of the ship Sea
Venture off Bermuda in 1609) centered on the outer half of the flag

Economy
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%

Budget:

revenues: $738 million
expenditures: $665 million (FY04/05)

Fiscal year:

1 April - 31 March

Inflation rate (consumer prices):

2.8% (November 2005)

Agriculture - products:

bananas, vegetables, citrus, flowers; dairy products, honey

Industries:

international business, tourism, light manufacturing

Industrial production growth rate:

NA%

Electricity - production:

675.6 million kWh (2007 est.)

Electricity - consumption:

619.8 million kWh (2006 est.)

Electricity - exports:

0 kWh (2007 est.)

Electricity - imports:

0 kWh (2007 est.)

Electricity - production by source:

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Oil - product