Current Economy
As of 2004, Bermuda has a GDP (PPP) of US$4.5 billion, with a real growth rate of 4.6% and a per-capita PPP of US$69,900. 1% of the GDP consists of agriculture, 10% of industry, and 89% of services (2002 est.). For the 2004-05 fiscal year, the government had revenues of US$738 million and expenditures of US$665 million.
19% of the population is below the poverty line as of 2000. The inflation rate (consumer prices, as of 2005) is 2.8%. 19% of the total labor force of 38,360 is in clerical occupations, 22% services, 3% laborers, 17% professional and technical, 15% administrative and managerial, 19% sales, and 3% agriculture and fishing; there is an unemployment rate of 2.1% as of 2004.
As of 2006, Bermuda's exports (mostly reexports of pharmaceuticals) are valued at $783 million; export partners include Spain (13.8%), Germany (11.7%), Switzerland (8.8%), Denmark (6.6%), and the UK (6%). As of 2007, imports (of clothing, fuels, machinery and transport equipment, construction materials, chemicals, food, and live animals) are valued at $1.162 billion; import partners include South Korea (36.4%), the US (15.7%), Germany (13.2%) and Italy (11.8%). Bermuda has an external debt of $160 million as of 2000. Bermuda's currency is the Bermudian dollar, which is fixed as equal in value to the US dollar.
Read more about this topic: Economy Of Bermuda
Famous quotes containing the words current and/or economy:
“Natural Man, in our current version, is a disgruntled adolescent.”
—Mason Cooley (b. 1927)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)