n Consulate
General Hamilton, Department of State, Washington, DC 20521-5300
telephone: [1] (441) 295-1342
FAX: [1] (441) 295-1592

Flag description: red with the flag of the UK in the upper hoist-side
quadrant and the Bermudian coat of arms (white and blue shield with a
red lion holding a scrolled shield showing the sinking of the ship Sea
Venture off Bermuda in 1609) centered on the outer half of the flag

@Bermuda:Economy

Economy-overview: Bermuda enjoys one of the highest per capita incomes
in the world, having successfully exploited its location by providing
financial services for international firms and luxury tourist
facilities for 360,000 visitors annually. The tourist industry, which
accounts for an estimated 28% of GDP, attracts 84% of its business
from North America. The industrial sector is small, and agriculture is
severely limited by a lack of suitable land. About 80% of food needs
are imported. International business contributes over 60% of Bermuda's
economic output; a failed independence vote in late 1995 can be
partially attributed to Bermudian fears of scaring away foreign firms.

GDP: purchasing power parity-$1.8 billion (1996 est.)

GDP-real growth rate: 2.4% (1996 est.)

GDP-per capita: purchasing power parity-$29,000 (1996 est.)

GDP-composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Inflation rate-consumer price index: 1.8% (November 1997)

Labor force:
total: 34,633
by occupation: clerical 23%, services 22%, laborers 17%, professional
and technical 17%, administrative and managerial 12%, sales 7%,
agriculture and fishing 2% (1996)

Unemployment rate: NEGL% (1995)

Budget:
revenues: $430.9 million
expenditures: $452.9 million, including capital expenditures of $50
million (FY95/96 est.)

Industries: tourism, finance, insurance, structural concrete products,
paints, perfumes, pharmaceuticals, ship repairing

Industrial production growth rate: NA%

Electricity-capacity: 145,000 kW (1996)

Electricity-production: 527,526,728 kWh (1996)

Electricity-consumption per capita: 7,856 kWh (1996)

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

Exports:
total value: $67.7 million (f.o.b., 1996 est.)
commodities: reexports of pharmaceuticals
partners: Netherlands 50%, Brazil 13%, Canada 6% (1996)

Imports:
total value: $569 million (f.o.b., 1996 est.)
commodities: miscellaneous manufactured articles, machinery and
transport equip