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Economy of Bermuda

Bermuda is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Bermuda is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Bermuda exports around $0.01 billion and imports roughly $0.93 billion. 7% of population in the country are unemployed. The total number of unemployed people in Bermuda is 4,275. In Bermuda, 11% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Bermuda is low, indicating that it has a stable economy. Investors should consider Bermuda to be a safe location for investments and other financial ventures. The Gini Index of the country is 63. Bermuda is experiencing bad inequality. The gap between the richest and poorest citizens in this country is plainly obvious and highly significant, resulting in a dramatically different standard of living for rich and poor citizens.

Currency

The currency of Bermuda is Bermudian dollar. The plural form of the word Bermudian dollar is dollars. The symbol used for this currency is $, and it is abbreviated as BMD. The Bermudian dollar is divided into Cent; there are 100 in one dollar.

Credit rating

According to the S&P credit-rating agency, Bermuda has a credit rating score of AA-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Bermuda has a credit rating score of AA+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Bermuda has a credit rating score of Aa2, and the prospects of this rating are stable.

Central bank

In Bermuda, the institution that manages the state's currency, money supply, and interest rates is called Bermuda Monetary Authority. The average deposit interest rate offered by local banks in Bermuda is 1.5%.

Public debt

Bermuda has a government debt of 47.7% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Bermuda is set at 0%. Personal income tax ranges from 4.75% to 100%, depending on your specific situation and income level. VAT in Bermuda is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Bermuda is $5.6 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Bermuda was last recorded at $0 million. PPP in Bermuda is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Bermuda is 5,574 billion. Based on this statistic, Bermuda is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Bermuda was last recorded at $91 million. The average citizen in Bermuda has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Bermuda averaged -3.5% in 2014. According to this percentage, Bermuda is currently experiencing significant decline. Countries that are experiencing significant decline could be experiencing dramatic decreases in personal consumption, employment rate, and personal income. A significant decline in GDP should warn investors that this location poses a high level of risk and should not be considered a safe location for investment. To read more about financial information click on finances of Bermuda.

Industry

Major industries in the country are international business, tourism, light manufacturing. The total labor force of Bermuda is 33,717 people, wherein 7% of population in the country are unemployed. The total number of unemployed people in Bermuda is 4,275. The Industrial Production growth rate of Bermuda is 1%.To read more about industrial information within Bermuda click on industry of Bermuda.

Agriculture

There are 11 km2 of arable land in Bermuda, and it comprises 20% of the country's total territory. There are 11 km2 of cultivated land in Bermuda. The country's major agricultural crops and products are bananas, vegetables, citrus, flowers, dairy products, honey.To read more about agriculture click on agriculture of Bermuda.