Bermuda - Economy
How is the economy of Bermuda? Based on the information we have, Bermuda has a small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation area. Key agricultural products in this country include: bananas, vegetables, citrus, flowers; dairy products, honey.
More about the economy of Bermuda
| Labor force | |
|---|---|
| Industrial production growth rate | -3.6% (2023 est.) |
| Industries | international business, tourism, light manufacturing |
| Population below poverty line | |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | Bermudian dollars (BMD) per US dollar - |
| Exchange rates 2024 | 1 (2024 est.) |
| Exchange rates 2023 | 1 (2023 est.) |
| Exchange rates 2022 | 1 (2022 est.) |
| Exchange rates 2021 | 1 (2021 est.) |
| Exchange rates 2020 | 1 (2020 est.) |
| Current account balance | |
| Current account balance 2023 | $1.32 billion (2023 est.) |
| Current account balance 2022 | $1.135 billion (2022 est.) |
| Current account balance 2021 | $962.258 million (2021 est.) |
| Budget | |
| Revenues | $999.2 million (2017 est.) |
| Expenditures | $1.176 billion (2017 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 23.7% of GDP (2023 est.) |
| Remittances 2022 | 22.3% of GDP (2022 est.) |
| Remittances 2021 | 22.7% of GDP (2021 est.) |
| Imports | |
| Imports 2023 | $2.3 billion (2023 est.) |
| Imports 2022 | $2.235 billion (2022 est.) |
| Imports 2021 | $1.925 billion (2021 est.) |
| Imports (partners) | USA 38%, Cyprus 31%, UK 6%, China 6%, Canada 4% (2023) |
| Comodities Imports force | ships, refined petroleum, railway cargo containers, packaged medicine, cars (2023) |
| Exports | |
| Imports 2023 | $2.3 billion (2023 est.) |
| Imports 2022 | $2.235 billion (2022 est.) |
| Imports 2021 | $1.925 billion (2021 est.) |
| Exports (partners) | Germany 40%, South Africa 38%, Netherlands 15%, USA 2%, Angola 2% (2023) |
| Comodities Exports force | crude petroleum, ships, aircraft, liquor, railway cargo containers (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $6.808 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $6.667 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $6.355 billion (2022 est.) |
| GDP (official exchange rate) | $8.98 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $105,300 (2024 est.) |
| Real GDP per capita 2023 | $103,100 (2023 est.) |
| Real GDP per capita 2022 | $98,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.2% (2023 est.) |
| Industry | 4.6% (2023 est.) |
| Services | 91.5% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 45.6% (2024 est.) |
| Government consumption | 11% (2024 est.) |
| Investment in fixed capital | 11.3% (2024 est.) |
| Investment in inventories | 0% (2024 est.) |
| Exports of goods and services | 56.3% (2024 est.) |
| Imports of goods and services | -24.2% (2024 est.) |
All Important Facts about Bermuda
Want to know more about Bermuda? Check all different factbooks for Bermuda below.
