Economy Bermuda
Economy - overview:
Bermuda enjoys one of the highest per capita incomes in the world,
equal to that of the US. Its economy is primarily based on providing
financial services for international business and luxury facilities
for tourists. The effects of 11 September 2001 have had both
positive and negative ramifications for Bermuda. On the positive
side, a number of new reinsurance companies have located on the
island, contributing to the expansion of an already robust
international business sector. On the negative side, Bermuda's
tourism industry - which derives over 80% of its visitors from the
US - was severely hit as American tourists chose not to travel.
Tourism rebounded somewhat in 2002-03. 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,
only 6% of the land being arable.
GDP:
purchasing power parity - $2.33 billion (2003 est.)
GDP - real growth rate:
2% (2003 est.)
GDP - per capita:
purchasing power parity - $36,000 (2003 est.)
GDP - composition by sector: agriculture: 1% industry: 10% services: 89% (2002 est.)
Population below poverty line:
19% (2000)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
3.3% (mid-2003 est.)
Labor force:
37,470 (2000)