Economy-overview: Bermuda enjoys one of the highest per capita incomes in the world, having successfully exploited its location by providing financial services for international firms and luxury tourist facilities for 360,000 visitors annually. The tourist industry, which accounts for an estimated 28% of GDP, attracts 84% 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 fears of scaring away foreign firms.
GDP: purchasing power parity-$1.8 billion (1996 est.)
GDP-real growth rate: 2.4% (1996 est.)
GDP-per capita: purchasing power parity-$29,000 (1996 est.)
GDP-composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate-consumer price index: 1.8% (November 1997)
Labor force: total: 34,633 by occupation: clerical 23%, services 22%, laborers 17%, professional and technical 17%, administrative and managerial 12%, sales 7%, agriculture and fishing 2% (1996)
Unemployment rate: NEGL% (1995)
Budget: revenues: $430.9 million expenditures: $452.9 million, including capital expenditures of $50 million (FY95/96 est.)
Industries: tourism, finance, insurance, structural concrete products, paints, perfumes, pharmaceuticals, ship repairing