Economic overview: Bermuda enjoys one of the highest per capita incomes in the world, having successfully exploited its location by providing luxury tourist facilities and financial services. The tourist industry attracts more than 90% of its business from North America. The industrial sector is small, and agriculture is severely limited by a lack of suitable land. About 80% of food needs are imported. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 can be partially attributed to Bermudian's fear of scaring away foreign firms. Hurricane Felix, which hit Bermuda twice over three days, caused an estimated $2.5 million in damages in August of 1995.
GDP: purchasing power parity - $1.7 billion (1994 est.)
GDP real growth rate: 2.5% (1994 est.)
GDP per capita: $28,000 (1994 est.)
GDP composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate (consumer prices): 2.6% (1995 est.)
Labor force: 33,650 (1992) by occupation: clerical 25%, services 22%, laborers 21%, professional and technical 13%, administrative and managerial 10%, sales 7%, agriculture and fishing 2% (1984)
Unemployment rate: NEGL% (1995)
Budget:
revenues: $327.5 million
expenditures: $308.9 million, including capital expenditures of
$35.4 million (FY90/91 est.)
Industries: tourism, finance, structural concrete products,
paints, pharmaceuticals, ship repairing