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 | 33,480 (2016 est.) |
|---|---|
| Industrial production growth rate | 5.57% (2022 est.) |
| Industries | international business, tourism, light manufacturing |
| Population below poverty line | |
| Taxes and other revenues | 16.3% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Bermudian dollars (BMD) per US dollar - |
| Exchange rates 2023 | 1 (2023 est.) |
| Exchange rates 2022 | 1 (2022 est.) |
| Exchange rates 2021 | 1 (2021 est.) |
| Exchange rates 2020 | 1 (2020 est.) |
| Exchange rates 2019 | 1 (2019 est.) |
| Current account balance | |
| Current account balance 2021 | $962.258 million (2021 est.) |
| Current account balance 2020 | $853.85 million (2020 est.) |
| Current account balance 2019 | $838.701 million (2019 est.) |
| Public debt | |
| Public debt FY14/15 | 43% of GDP (FY14/15) |
| Budget | |
| Revenues | $999.2 million (2017 est.) |
| Expenditures | $1.176 billion (2017 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2022 | 22.99% of GDP (2022 est.) |
| Remittances 2021 | 22.72% of GDP (2021 est.) |
| Remittances 2020 | 22.86% of GDP (2020 est.) |
| Imports | |
| Imports 2021 | $1.925 billion (2021 est.) |
| Imports 2020 | $1.723 billion (2020 est.) |
| Imports 2019 | $2.224 billion (2019 est.) |
| Imports (partners) | US 34%, Norway 19%, South Korea 19%, China 5%, Canada 5% (2022) |
| Comodities Imports force | ships, refined petroleum, railway cargo containers, packaged medicine, cars (2022) |
| Exports | |
| Imports 2021 | $1.925 billion (2021 est.) |
| Imports 2020 | $1.723 billion (2020 est.) |
| Imports 2019 | $2.224 billion (2019 est.) |
| Exports (partners) | Zambia 26%, US 16%, Angola 10%, France 10%, Tanzania 8% (2022) |
| Comodities Exports force | fertilizers, ships, liquor, vaccines, railway cargo containers (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $6.349 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $5.965 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $5.659 billion (2020 est.) |
| GDP (official exchange rate) | $7.828 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $99,800 (2022 est.) |
| Real GDP per capita 2021 | $93,600 (2021 est.) |
| Real GDP per capita 2020 | $88,600 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.2% (2022 est.) |
| Industry | 5.4% (2022 est.) |
| Services | 90.5% (2022 est.) |
| GDP - composition, by end use | |
| Household consumption | 47.2% (2022 est.) |
| Government consumption | 11.9% (2022 est.) |
| Investment in fixed capital | 12.1% (2022 est.) |
| Exports of goods and services | 50.5% (2022 est.) |
| Imports of goods and services | -25% (2022 est.) |
| Unemployment rate | |
| Unemployment rate 2017 | 7% (2017 est.) |
| Unemployment rate 2016 | 7% (2016 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 29.3% (2014 est.) |
| Male | 29.7% |
| Female | 29% |
All Important Facts about Bermuda
Want to know more about Bermuda? Check all different factbooks for Bermuda below.
