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1994-05-02
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<text>
<title>
Bermuda (UK): Economy
</title>
<article><hdr>The World Factbook 1993: Bermuda
Economy</hdr><body>
<p>Overview: Bermuda enjoys one of the highest per capita incomes
in the world, having successfully exploited its location by
providing luxury tourist facilities and financial services. The
tourist industry attracts more than 90% 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.
</p>
<p>National product: GDP - purchasing power equivalent - $1.3
billion (1991)
</p>
<p>National product real growth rate: -1.5% (1991)
</p>
<p>National product per capita: $22,000 (1991)
</p>
<p>Inflation rate (consumer prices): 4.4% (1991)
</p>
<p>Unemployment rate: 6% (1991)
</p>
<p>Budget: revenues $327.5 million; expenditures $308.9 million,
including capital expenditures of $35.4 million (FY91 est.)
</p>
<list>
<l>Exports: $50 million (f.o.b., FY89)</l>
<l> commodities: semitropical produce, light manufactures,
re-exports of pharmaceuticals</l>
<l> partners: US 55%, UK 32%, Canada 11%, other 2%</l>
<l>Imports: 527.2 million (f.o.b., FY89)</l>
<l> commodities: fuel, foodstuffs, machinery</l>
<l> partners: US 60%, UK 8%, Venezuela 7%, Canada 5%, Japan 5%,
other 15%</l>
</list>
<p>External debt: $NA
</p>
<p>Industrial production: growth rate NA%
</p>
<p>Electricity: 154,000 kW capacity; 504 million kWh produced,
8,370 kWh per capita (1992)
</p>
<p>Industries: tourism, finance, structural concrete products,
paints, pharmaceuticals, ship repairing
</p>
<p>Agriculture: accounts for less than 1% of GDP; most basic
foods must be imported; produces bananas, vegetables, citrus
fruits, flowers, dairy products
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-81), $34
million; Western (non-US) countries, ODA and OOF bilateral
commitments (1970-89), $277 million
</p>
<p>Currency: 1 Bermudian dollar (Bd$)=100 cents
</p>
<p>Exchange rates: Bermudian dollar (Bd$) per US$1 - 1.0000
(fixed rate)
</p>
<p>Fiscal year: 1 April-31 March
</p></body></article></text>