Economy of Bermuda

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Economy of Bermuda

Houses in Bermuda
Currency	Bermudian dollar (BMD, $)
Fiscal year	Calendar year
Statistics
Population	63,905 (1 July 2024 projection)[1]
GDP	$7.828 billion (nominal, 2022)[2] $6.796 billion (PPP, 2022)[3]
GDP growth	-6.8% (2020)[4] 5.4% (2021)[4] 6.4% (2022)[4]
GDP per capita	$123,091 (nominal, 2022)[5] $106,866 (PPP, 2022)[6]
GDP by sector	agriculture: 0.2% industry: 5.4% services: 90.5% (2022 est.)[7]
Inflation (CPI)	1.5% (2021)[8] 4.0% (2022)[8] 3.3% (2023)[8]
Labour force	37,629 (May 2023)[9] 81.4% employment rate (May 2023)[9]
Unemployment	2.5% (May 2023)[9] 15.1% youth unemployment (May 2023)[9]
Average gross salary	$70,238 yearly (2023)[10]
All values, unless otherwise stated, are in US dollars.

Bermuda is a British Overseas Territory comprising a number of islands, with an area of 54 km² (20.8 sq mi), located in the North Atlantic Ocean, which in 2016 had a population of 65,331.^[11]

Bermuda now has the fourth highest per capita income in the world,^[12] primarily fueled by offshore financial services for non-resident firms, especially offshore insurance and reinsurance, and tourism. In 2014, 584,702 tourists visited the territory. Tourism accounts for an estimated 28% of gross domestic product (GDP), 85% of which is from North America. The industrial sector is small, and agriculture is now severely limited by a lack of suitable land. About 80% of food is 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. Government economic priorities are for further strengthening of the tourist and international financial sectors.