| Economy - overview | 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. |
| GDP (purchasing power parity) | $5.228 billion (2019 est.) $5.204 billion (2018 est.) $5.227 billion (2017 est.) |
| GDP (official exchange rate) | $6.127 billion (2016 est.) |
| GDP - real growth rate | -0.1% (2016 est.) 0.6% (2015 est.) -0.3% (2014 est.) |
| GDP - per capita (PPP) | $81,798 (2019 est.) $81,421 (2018 est.) $81,835 (2017 est.) |
| Gross national saving | 40.4% of GDP (2018 est.) 40.5% of GDP (2017 est.) |
| GDP - composition, by end use | household consumption: 51.3% (2017 est.) government consumption: 15.7% (2017 est.) investment in fixed capital: 13.7% (2017 est.) investment in inventories: 0% (2017 est.) exports of goods and services: 49.8% (2017 est.) imports of goods and services: -30.4% (2017 est.) |
| GDP - composition by sector | agriculture: 0.9% (2017 est.) industry: 5.3% (2017 est.) services: 93.8% (2017 est.) |
| Population below poverty line | 11% (2008 est.) |
| Labor force | 33,480 (2016 est.) |
| Labor force - by occupation | agriculture: 2% industry: 13% services: 85% (2016 est.) |
| Unemployment rate | 7% (2017 est.) 7% (2016 est.) |
| Unemployment, youth ages 15-24 | total: 29.3% male: 29.7% female: 29% (2014 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 999.2 million (2017 est.) expenditures: 1.176 billion (2017 est.) |
| Taxes and other revenues | 16.3% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -2.9% (of GDP) (2017 est.) |
| Public debt | 43% of GDP (FY14/15) |
| Inflation rate (consumer prices) | 1.9% (2017 est.) 1.4% (2016 est.) |
| Credit ratings | Fitch rating: N/A (2015) Moody's rating: A2 (2016) Standard & Poors rating: A+ (2015) |
| Agriculture - products | bananas, vegetables, citrus, flowers; dairy products, honey |
| Industries | international business, tourism, light manufacturing |
| Industrial production growth rate | 2% (2017 est.) |
| Current Account Balance | $818.6 million (2017 est.) $763 million (2016 est.) |
| Exports | $19 million (2017 est.) $19 million (2016 est.) |
| Exports - commodities | re-exports of pharmaceuticals |
| Exports - partners | Jamaica 49.1%, Luxembourg 36.1%, US 4.9% (2017) |
| Imports | $1.094 billion (2017 est.) $980 million (2016 est.) |
| Imports - commodities | ships, refined petroleum, postage stamps, recreational boats, aircraft (2019) |
| Imports - partners | United States 44%, South Korea 17%, Germany 10%, Canada 8% (2019) |
| Debt - external | $2.515 billion (2017 est.) $2.435 billion (2015 est.) |
| Exchange rates | Bermudian dollars (BMD) per US dollar - 1 (2020 est.) 1 (2019 est.) 1 (2018 est.) 1 (2014 est.) 1 (2013 est.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
