ARCHIVE // BM // TIME-SERIES
Economic overview
Bermuda — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | 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. |
| 1991 | 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. |
| 1992 | 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. |
| 1993 | 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. |
| 1994 | 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. |
| 1995 | 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. |
| 1996 | 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. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 |
| 1997 | 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 200,000 visitors annually. The tourist industry attracts 91% 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 out |
| 1998 | 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 c |
| 1999 | 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 c |
| 2000 | 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 c |
| 2001 | 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 c |
| 2002 | Bermuda enjoys one of the highest per capita incomes in the world, with its economy 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. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the negative side, Bermuda's already |
| 2003 | Bermuda enjoys one of the highest per capita incomes in the world, with its economy 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. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the negative side, Bermuda's tourism |
| 2004 | Bermuda enjoys one of the highest per capita incomes in the world, equal to that of the US. 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. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the negative |
| 2005 | Bermuda enjoys one of the highest per capita incomes in the world, nearly equal to that of the US. 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. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the ne |
| 2006 | Bermuda enjoys the highest per capita income in the world, more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following 11 September 2001 and again after Hurricane Katrina, contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives over 80% of its visitors fr |
| 2007 | Bermuda enjoys the highest per capita income in the world, more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005, contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives |
| 2008 | Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005, contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which de |
| 2009 | Bermuda enjoys the third highest per capita income in the world more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005 contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which deri |
| 2010 | Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005 contributing to the expansion of an already robust int |
| 2011 | Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005 contributing to the expansion of an already robust int |
| 2012 | Bermuda enjoys the fourth highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again after Hurricane Katrina in August 2005 contributing to the expansion of an already |
| 2013 | Despite four years of recession and a public debt of $1.4 billion, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US. The average cost of a single-family home in 2012 was $1.1 million. Its economy is primarily based on international business and the provision of financial services to that sector, and to a lesser extent tourism. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again |
| 2014 | Despite four years of recession and a public debt of $1.4 billion, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US. The average cost of a single-family home in 2012 was $1.1 million. Its economy is primarily based on international business and the provision of financial services to that sector, and to a lesser extent tourism. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again |
| 2015 | Bermuda's economy entered its seventh straight year of recession in 2015. Unemployment is 9%, public debt is growing and exceeds $2.3 billion, the government pension fund faces a $2.4 billion shortfall, and the economy has not attracted significant amounts of new foreign investment. Bermuda's FY 2015-16 budget proposal projects a 12% larger deficit than FY14/15. The government announced it would have to borrow $125 million in 2015 to meet current operating expenses. Still, Bermuda enjoys the fou |
| 2016 | Tourism accounts for about 5% of Bermuda's GDP, but a much larger share of employment. Over 80% of its visitors come from the US. The sector struggled in the wake of the global recession of 2008-09. International business, which consists primarily of reinsurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Even this sector, however, has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily |
| 2017 | Tourism accounts for about 5% of Bermuda's GDP, but a much larger share of employment. Over 80% of its visitors come from the US. The sector struggled in the wake of the global recession of 2008-09. International business, which consists primarily of reinsurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Even this sector, however, has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily |
| 2018 | International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expat |
| 2019 | International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expat |
| 2020 | International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expat |
| 2021 | International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expat |
| 2022 | International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expat |
| 2023 | small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation area |
| 2024 | small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation area |
| 2025 | small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation area |