Bermuda - Economic Indicators

Economic Overview

International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail...

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GDP Reference Last Previous Units Frequency
Investment 2013 654,509,000 622,717,000 NCU Annual
Real Gross Domestic Product 2013 4,701,422,000 4,822,523,000 NCU Annual
Nominal Gross Domestic Product 2013 5,573,710,000 5,537,537,000 NCU Annual
Trade Reference Last Previous Units Frequency
Imports of Goods 2016 974,739,653 934,939,700 USD Annual
Exports of Goods 2016 17,990,056 21,438,542 USD Annual
Current Account Balance 2016 766,034,298 885,862,986 BoP; current USD Annual
Exports of Goods and Services 2013 2,656,891,000 2,589,439,000 NCU Annual
Imports of Goods and Services 2013 1,649,401,000 1,586,786,000 NCU Annual
Demographics Reference Last Previous Units Frequency
Population 2050 69,874 70,197 Person, NSA Annual
Death Rate 2016 8 7.4 # per Ths. pop. Annual
Birth Rate 2016 9.6 9.4 # per Ths. pop. Annual

Factbook

Background

Background:
Bermuda was first settled in 1609 by shipwrecked English colonists heading for Virginia. Self-governing since 1620, Bermuda is the oldest and most populous of the British overseas territories. Vacationing to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has also developed into a highly successful offshore financial center. A referendum on independence from the UK was soundly defeated in 1995.

Geography

Location:
North America, group of islands in the North Atlantic Ocean, east of South Carolina (US)
Geographic coordinates:
32 20 N, 64 45 W
Map references:
North America
Area:
total: 54 sq km
land: 54 sq km
water: 0 sq km
country comparison to the world: 233
Area - comparative:
about one-third the size of Washington, DC
Land boundaries:
0 km
Coastline:
103 km
Maritime claims:
territorial sea: 12 nm
exclusive fishing zone: 200 nm
Climate:
subtropical; mild, humid; gales, strong winds common in winter
Terrain:
low hills separated by fertile depressions
Elevation:
mean elevation: NA
elevation extremes: lowest point: Atlantic Ocean 0 m
highest point: Town Hill 79 m
Natural resources:
limestone, pleasant climate fostering tourism
Land use:
agricultural land: 14.8%
arable land 14.8%; permanent crops 0%; permanent pasture 0%
forest: 20%
other: 65.2% (2011 est.)
Irrigated land:
NA
Population - distribution:
relatively even population distribution throughout
Natural hazards:
hurricanes (June to November)
Environment - current issues:
dense population and heavy vehicle traffic create serious pollution problems; water resources scarce (most obtained as rainwater or from wells); there is no sewage treatment on the island
Geography - note:
consists of about 138 coral islands and islets with ample rainfall, but no rivers or freshwater lakes; some land was leased by the US Government from 1941 to 1995

People & Society

Population:
70,864 (July 2017 est.)
country comparison to the world: 203
Nationality:
noun: Bermudian(s)
adjective: Bermudian
Ethnic groups:
black 53.8%, white 31%, mixed 7.5%, other 7.1%, unspecified 0.6% (2010 est.)
Languages:
English (official), Portuguese
Religions:
Protestant 46.2% (includes Anglican 15.8%, African Methodist Episcopal 8.6%, Seventh Day Adventist 6.7, Pentecostal 3.5%, Methodist 2.7%, Presbyterian 2.0%, Church of God 1.6%, Baptist 1.2%, Salvation Army 1.1%, Brethren 1.0%, other Protestant 2.0%), Roman Catholic 14.5%, Jehovah's Witness 1.3%, other Christian 9.1%, Muslim 1%, other 3.9%, none 17.8%, unspecified 6.2% (2010 est.)
Age structure:
0-14 years: 17.04% (male 6,104/female 5,974)
15-24 years: 12% (male 4,300/female 4,207)
25-54 years: 37.24% (male 13,230/female 13,163)
55-64 years: 15.73% (male 5,244/female 5,902)
65 years and over: 17.98% (male 5,395/female 7,345) (2017 est.)
population pyramid:
Median age:
total: 43.4 years
male: 41.5 years
female: 45.3 years (2017 est.)
country comparison to the world: 17
Population growth rate:
0.45% (2017 est.)
country comparison to the world: 157
Birth rate:
11.3 births/1,000 population (2017 est.)
country comparison to the world: 173
Death rate:
8.6 deaths/1,000 population (2017 est.)
country comparison to the world: 75
Net migration rate:
1.8 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 50
Population distribution:
relatively even population distribution throughout
Urbanization:
urban population: 100% of total population (2017)
rate of urbanization: 0.16% annual rate of change (2015-20 est.)
Major urban areas - population:
HAMILTON (capital) 10,000 (2014)
Sex ratio:
at birth: 1.02 male(s)/female
0-14 years: 1.02 male(s)/female
15-24 years: 1.01 male(s)/female
25-54 years: 1 male(s)/female
55-64 years: 0.89 male(s)/female
65 years and over: 0.73 male(s)/female
total population: 0.94 male(s)/female (2017 est.)
Infant mortality rate:
total: 2.5 deaths/1,000 live births
male: 2.6 deaths/1,000 live births
female: 2.4 deaths/1,000 live births (2017 est.)
country comparison to the world: 219
Life expectancy at birth:
total population: 81.4 years
male: 78.2 years
female: 84.6 years (2017 est.)
country comparison to the world: 26
Total fertility rate:
1.93 children born/woman (2017 est.)
country comparison to the world: 129
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Education expenditures:
1.5% of GDP (2017)
country comparison to the world: 151
School life expectancy (primary to tertiary education):
total: 12 years
male: 11 years
female: 12 years (2015)
Unemployment, youth ages 15-24:
total: 29.3%
male: 29.7%
female: 29% (2014 est.)
country comparison to the world: 37

Government

Country name:
conventional long form: none
conventional short form: Bermuda
former: Somers Islands
etymology: the islands making up Bermuda are named after Juan de BERMUDEZ, an early 16th century Spanish sea captain and the first European explorer of the archipelago
Dependency status:
overseas territory of the UK
Government type:
parliamentary democracy (Parliament); self-governing overseas territory of the UK
Capital:
name: Hamilton
geographic coordinates: 32 17 N, 64 47 W
time difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins second Sunday in March; ends first Sunday in November
Administrative divisions:
9 parishes and 2 municipalities*; Devonshire, Hamilton, Hamilton*, Paget, Pembroke, Saint George*, Saint George's, Sandys, Smith's, Southampton, Warwick
Independence:
none (overseas territory of the UK)
National holiday:
Bermuda Day, 24 May; note - formerly known as Victoria Day, Empire Day, and Commonwealth Day
Constitution:
several previous (dating to 1684); latest entered into force 8 June 1968; amended several times, last in 2012 (2017)
Legal system:
English common law
International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of the UK
dual citizenship recognized: yes
residency requirement for naturalization: 10 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor John RANKIN (since 5 December 2016)
head of government: Premier David BURT (since 19 July 2017)
cabinet: Cabinet nominated by the premier, appointed by the governor
elections/appointments: the monarchy is hereditary; governor appointed by the monarch; following legislative elections, the leader of the majority party or majority coalition usually appointed premier by the governor
Legislative branch:
description: bicameral Parliament consists of the Senate (11 seats; 3 members appointed by the governor, 5 by the premier, and 3 by the opposition party; members serve 5-year terms) and the House of Assembly (36 seats; members directly elected in single-seat constituencies by simple majority vote to serve up to 5-year terms)
elections: last held on 18 July 2017 (next to be held not later than 2022)
election results: percent of vote by party - PLP 58.9%, OBA 40.6%, other 0.5%; seats by party - PLP 24, OBA 12
Judicial branch:
highest resident court(s): Court of Appeal (consists of the court president and at least 2 justices); Supreme Court (consists of the chief justice, 4 puisne judges, and 1 associate justice); note - the Judicial Committee of the Privy Council in London is the court of final appeal
judge selection and term of office: Court of Appeal justice appointed by the governor; justice tenure by individual appointment; Supreme Court judges nominated by the Judicial and Legal Services Commission and appointed by the governor; judge tenure based on terms of appointment
subordinate courts: commercial court (began in 2006); magistrates' courts
Political parties and leaders:
One Bermuda Alliance or OBA [Jeanne ATHERDEN]
Progressive Labor Party or PLP [E. David BURT]
Political pressure groups and leaders:
Association of Bermuda Insurers and Reinsurers or ABIR [Bradley KADING]
Association of Bermuda International Companies or ABIC [Patrick TANNOCK]
Bermuda Employers' Council [Keith JENSEN]
Bermuda Industrial Union or BIU [Chris FURBERT]
Bermuda Public Services Union or BPSU [Kevin GRANT, Edward G. BALL, Jr.]
Bermuda Union of Teachers [Michael CHARLES]
International organization participation:
Caricom (associate), ICC (NGOs), Interpol (subbureau), IOC, ITUC (NGOs), UPU, WCO
Diplomatic representation in the US:
none (overseas territory of the UK)
Diplomatic representation from the US:
chief of mission: Consul General Mary Ellen KOENIG (since 28 November 2015)
consulate(s) general: Crown Hill, 16 Middle Road, Devonshire DVO3
mailing address: P. O. Box HM325, Hamilton HMBX; American Consulate General Hamilton, US Department of State, 5300 Hamilton Place, Washington, DC 20520-5300
telephone: [1] (441) 295-1342
FAX: [1] (441) 295-1592, 296-9233
Flag description:
red, with the flag of the UK in the upper hoist-side quadrant and the Bermudian coat of arms (a white shield with a red lion standing on a green grassy field holding a scrolled shield showing the sinking of the ship Sea Venture off Bermuda in 1609) centered on the outer half of the flag; it was the shipwreck of the vessel, filled with English colonists originally bound for Virginia, that led to the settling of Bermuda
note: the flag is unusual in that it is only British overseas territory that uses a red ensign, all others use blue
National symbol(s):
red lion
National anthem:
name: "Hail to Bermuda"
lyrics/music: Bette JOHNS
note: serves as a local anthem; as a territory of the United Kingdom, "God Save the Queen" is official (see United Kingdom)

Economy

Economy - overview:
International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island.
Bermuda's economy returned to negative growth in 2016, reporting a contraction of 0.1% GDP, after growing by 0.6% in 2015. Unemployment reached 6% in 2016, public debt is growing and exceeds $2.4 billion, and the government continues to work on attracting foreign investment. Still, Bermuda enjoys one of the highest per capita income in the world.
GDP (purchasing power parity):
$5.198 billion (2013 est.)
$5.331 billion (2012 est.)
$5.6 billion (2011 est.)
country comparison to the world: 174
GDP (official exchange rate):
$5.198 billion (2013 est.)
GDP - real growth rate:
-2.5% (2013 est.)
-4.8% (2012 est.)
-3.5% (2011 est.)
country comparison to the world: 213
GDP - per capita (PPP):
$85,700 (2013 est.)
$85,400 (2012 est.)
$86,000 (2011 est.)
country comparison to the world: 8
GDP - composition, by end use:
household consumption: 54.2%
government consumption: 16.3%
investment in fixed capital: 13.1%
investment in inventories: 0%
exports of goods and services: 50.4%
imports of goods and services: -34% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 0.8%
industry: 5.8%
services: 93.3% (2017 est.)
Agriculture - products:
bananas, vegetables, citrus, flowers; dairy products, honey
Industries:
international business, tourism, light manufacturing
Industrial production growth rate:
2.3% (2017 est.)
country comparison to the world: 120
Labor force:
33,490 (2014 est.)
country comparison to the world: 203
Labor force - by occupation:
agriculture: 2%
industry: 15%
services: 83% (2013 est.)
Unemployment rate:
9% (2014 est.)
7% (2013 est.)
country comparison to the world: 125
Population below poverty line:
11% (2008 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $1.013 billion
expenditures: $1.16 billion (2017 est.)
Taxes and other revenues:
19.5% of GDP (2017 est.)
country comparison to the world: 157
Budget surplus (+) or deficit (-):
-2.8% of GDP (2017 est.)
country comparison to the world: 106
Public debt:
43% of GDP (FY14/15 est.)
country comparison to the world: 127
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
1.6% (2017 est.)
1.4% (2016 est.)
country comparison to the world: 71
Stock of narrow money:
$3.374 billion (30 September 2014 est.)
$3.422 billion (31 December 2013 est.)
note: figures do not include US dollars, which also circulate freely
country comparison to the world: 114
Stock of broad money:
$22.1 billion (30 September 2014 est.)
$25.1 billion (31 December 2013 est.)
country comparison to the world: 87
Stock of domestic credit:
$NA
Market value of publicly traded shares:
$1.85 billion (31 December 2015 est.)
$1.601 billion (31 December 2014 est.)
$1.467 billion (31 December 2013 est.)
country comparison to the world: 101
Exports:
$20 million (2017 est.)
$19 million (2016 est.)
country comparison to the world: 211
Exports - commodities:
reexports of pharmaceuticals
Exports - partners:
Latvia 33.4%, Jamaica 16.6%, US 13.7%, Nigeria 11.7%, Israel 4.7% (2016)
Imports:
$979.5 million (2017 est.)
$951 million (2016 est.)
country comparison to the world: 180
Imports - commodities:
clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals
Imports - partners:
US 54.2%, Japan 17.9%, South Korea 13.7%, Canada 4.9% (2016)
Debt - external:
$2.435 billion (2015 est.)
$1.4 billion (2012 est.)
country comparison to the world: 150
Stock of direct foreign investment - at home:
$2.641 billion (2014 est.)
$2.664 billion (2013 est.)
country comparison to the world: 112
Stock of direct foreign investment - abroad:
$889 million (2014 est.)
$835 million (2013 est.)
country comparison to the world: 87
Exchange rates:
Bermudian dollars (BMD) per US dollar -
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
1 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
662 million kWh (2015 est.)
country comparison to the world: 160
Electricity - consumption:
615.7 million kWh (2015 est.)
country comparison to the world: 167
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 105
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 123
Electricity - installed generating capacity:
171,000 kW (2015 est.)
country comparison to the world: 167
Electricity - from fossil fuels:
100% of total installed capacity (2015 est.)
country comparison to the world: 22
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 48
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 163
Electricity - from other renewable sources:
0% of total installed capacity
note: the Tynes Bay Waste Treatment Facility turns waste to electric energy (2015 est.)
country comparison to the world: 213
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 109
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 93
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 97
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 109
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 119
Refined petroleum products - consumption:
3,300 bbl/day (2015 est.)
country comparison to the world: 185
Refined petroleum products - exports:
0 bbl/day (2014 est.)
country comparison to the world: 133
Refined petroleum products - imports:
2,968 bbl/day (2014 est.)
country comparison to the world: 180
Natural gas - production:
0 cu m (2014 est.)
country comparison to the world: 107
Natural gas - consumption:
0 cu m (2013 est.)
country comparison to the world: 157
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 67
Natural gas - imports:
0 cu m (2014 est.)
country comparison to the world: 90
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 114
Carbon dioxide emissions from consumption of energy:
600,000 Mt (2013 est.)
country comparison to the world: 174

Communications

Telephones - fixed lines:
total subscriptions: 29,200
subscriptions per 100 inhabitants: 42 (July 2016 est.)
country comparison to the world: 169
Telephones - mobile cellular:
total: 59,500
subscriptions per 100 inhabitants: 85 (July 2016 est.)
country comparison to the world: 200
Telephone system:
general assessment: a good, fully automatic digital telephone system with fiber-optic trunk lines
domestic: the system has a high fixed-line teledensity coupled with a mobile-cellular teledensity of roughly 125 per 100 persons
international: country code - 1-441; landing points for the GlobeNet, Gemini Bermuda, CBUS, and the Challenger Bermuda-1 (CB-1) submarine cables; satellite earth stations - 3 (2015)
Broadcast media:
3 TV stations; cable and satellite TV subscription services are available; roughly 13 radio stations operating (2012)
Internet country code:
.bm
Internet users:
total: 69,126
percent of population: 98.0% (July 2016 est.)
country comparison to the world: 182

Transportation

Civil aircraft registration country code prefix:
VP-B (2016)
Airports:
1 (2013)
country comparison to the world: 212
Airports - with paved runways:
total: 1
2,438 to 3,047 m: 1 (2017)
Roadways:
total: 447 km
paved: 447 km
note: 225 km public roads; 222 km private roads (2010)
country comparison to the world: 198
Merchant marine:
total: 160
by type: bulk carrier 10, container ship 8, general cargo 1, oil tanker 18, other 123 (2017)
country comparison to the world: 72
Ports and terminals:
major seaport(s): Hamilton, Ireland Island, Saint George

Military & Security

Military branches:
Bermuda Regiment (2012)
Military service age and obligation:
18-45 years of age for voluntary male or female enlistment in the Bermuda Regiment; males must register at age 18 and may be subject to conscription; term of service is 38 months for volunteers or conscripts (2012)
Military - note:
defense is the responsibility of the UK

Transnational Issues

Disputes - international:
none

Economic Indicators for Bermuda including actual values, historical data, and latest data updates for the Bermuda economy.