Introduction
Bermuda is a small country and quite a well known too and it is a perfect destination
to explore if you are looking for a change in destination and one wants to visit
a different location away from the hussles and bustles of life.However something
that the folks who visit this country want to explore are some of the magnificent
large and small beaches that surround the periphery of this small country. Beach
sand is not volcanic but from finely pulverized remains of calcium carbonate
shells and skeletons of invertebrates such as corals, clams, forams and other
shells.
Business and Economy
Inspite of being one of the smallest countries in the world Bermuda enjoys one
of the highest per capita incomes in the world, equal to that of the US.It is
a magnificent thing that a country so less populated and so small has the capacity
to compete with the most influential country of the world. Its economy is primarily
based on providing financial services for international business and luxury
facilities for tourists. The effects of 11 September 2001 have had both positive
and negative ramifications for Bermuda. They are very famous with the financial
services that they offer and the off shore banking activities that they indulge
in.However they also have other resources that they explore to get a gain in
their revenue.
Major Cities
The major cities in Bermuda are very few but nevertheless they are worth seeing
and visiting and the different cities are Devonshire,Hamilton,Hamilton Parish,Saint
George's,Southampton.
Fact Sheet
GDP-purchasing power parity - $2.33 billion (2003 est.)
GDP - real growth rate: 2% (2003 est.)
GDP - per capita: purchasing power parity - $36,000 (2003 est.)
GDP - composition by sector: agriculture: 1%
industry: 10%
services: 89% (2002 est.)
Population below poverty line: 19% NA% (2000)
Household income or consumption by percentage share: lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): .3% (mid-2003 est.)
Labor force: 37,472 (2000)
Labor force - by occupation: clerical 22%, services 20%, laborers 17%,
professional and technical 17%, administrative and managerial 13%, sales 8%,
agriculture and fishing 3% (2000 est.)
Unemployment rate: 5% (2002 est.)
Budget: revenues: $671.1 million
expenditures: $594.6 million, including capital expenditures of $55 million
(FY03/04)
Industries: tourism, international business, light manufacturing
Agriculture - products: bananas, vegetables, citrus, flowers; dairy products
Exports: $879 million (2002)
Exports - commodities: reexports of pharmaceuticals
Exports - partners: France 77.6%, Peru 3.1%, UK 2.8% (2002)
Imports: $5.523 billion (2002)
Imports - commodities: machinery and transport equipment, construction
materials, chemicals, food and live animals
Imports - partners: Kazakhistan 40.1%, France 21.1%, Italy 9%, US 8.3%,
South Korea 7.2%, Mexico 4.1% (2002)
Debt - external: $160 million (FY99/00)
Economic aid - recipient: $NA
Currency: Bermudian dollar (BMD)
Currency code: BMD
Exchange rates: Bermudian dollar per US dollar - 1.0000 (fixed rate pegged
to the US dollar)
Fiscal year: 1 April - 31 March
