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    Bermuda Economy - 2002

      Economy - overview Bermuda enjoys one of the highest per capita incomes in the world, with its economy 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 already weakening tourism industry - which derives over 80% of its visitors from the US - has been further hit as American tourists have chosen not to travel. Most capital equipment and food must be imported, with the US serving as the primary source of goods, followed by the UK. Bermuda's industrial sector is small, although construction continues to be important. Agriculture is limited, only 6% of the land being arable.

      GDP purchasing power parity - $2.2 billion (2001 est.)

      GDP - real growth rate 2.9% (2001 est.)

      GDP - per capita purchasing power parity - $34,800 (2001 est.)

      GDP - composition by sector
      agriculture: 1%
      industry: 10%
      services: 89% (1995 est.)

      Population below poverty line NA%

      Household income or consumption by percentage share
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices) 3% (July 2001)

      Labor force 37,472 (2000)

      Labor force - by occupation clerical 22%, services 20%, laborers 17%, professional and technical 17%, administrative and managerial 13%, sales 8%, agriculture and fishing 3% (2000 est.)

      Unemployment rate 4.5% (1993)

      revenues: $609.5 million
      expenditures: $574.6 million, including capital expenditures of $54.8 million (FY00/01)

      Industries tourism, international business, light manufacturing

      Industrial production growth rate NA%

      Electricity - production 595 million kWh (2000)

      Electricity - production by source
      fossil fuel: 100%
      hydro: 0%
      other: 0% (2000)
      nuclear: 0%

      Electricity - consumption 553.35 million kWh (2000)

      Electricity - exports 0 kWh (2000)

      Electricity - imports 0 kWh (2000)

      Agriculture - products bananas, vegetables, citrus, flowers; dairy products

      Exports $51 million (2000)

      Exports - commodities reexports of pharmaceuticals

      Exports - partners EU excluding UK 77.9%, US 9.8%, UK 6.9% (1999)

      Imports $719 million (2000)

      Imports - commodities machinery and transport equipment, construction materials, chemicals, food and live animals

      Imports - partners EU excluding UK 35.4%, US 17.8%, UK 15.4%, Russia 14.6% (1999)

      Debt - external $145 million (FY99/00)

      Economic aid - recipient $NA

      Currency Bermudian dollar (BMD)

      Currency code BMD

      Exchange rates Bermudian dollar per US dollar - 1.0000 (fixed rate pegged to the US dollar)

      Fiscal year 1 April - 31 March

      NOTE: The information regarding Bermuda on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bermuda Economy 2002 information contained here. All suggestions for corrections of any errors about Bermuda Economy 2002 should be addressed to the CIA.

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    Revised 30-Jan-03
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