Bermuda Party or UBP [Grant GIBBONS]
Political pressure groups and leaders:
Bermuda Employer's Union [Eddie SAINTS]; Bermuda Industrial Union
or BIU [Derrick BURGESS]; Bermuda Public Services Union or BPSU [Ed
BALL]; Bermuda Union of Teachers [Michael CHARLES]
International organization participation:
Caricom (associate), ICFTU, Interpol (subbureau), IOC, UPU, WCO,
Egmont Group, Caribbean Financial Action Task Force
Diplomatic representation in the US:
none (overseas territory of the UK)
Diplomatic representation from the US: chief of mission: Deputy Chief of Mission Antoinette BOECKER consulate(s) general: Crown Hill, 16 Middle Road, Devonshire DVO3 mailing address: P. O. Box HM325, Hamilton HMBX; American Consulate General Hamilton, Department of State, 5300 Hamilton Place, Washington, DC 20520–5300 telephone: [1] (441) 295–1342 FAX: [1] (441) 295–1592, [1] (441) 296–9233
Flag description:
red, with the flag of the UK in the upper hoist-side quadrant and
the Bermudian coat of arms (white and green shield with a red lion
holding a scrolled shield showing the sinking of the ship Sea
Venture off Bermuda in 1609) centered on the outer half of the flag
Economy Bermuda
Economy - overview:
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 negative side, Bermuda's
tourism industry - which derives over 80% of its visitors from the
US - was severely hit as American tourists chose not to travel.
Tourism rebounded somewhat in 2002–04. Most capital equipment and
food must be imported. Bermuda's industrial sector is small,
although construction continues to be important; the average cost of
a house in June 2003 had risen to $976,000. Agriculture is limited,
only 20% of the land being arable.
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.)
Labor force: 37,470 (2000)
Labor force - by occupation: agriculture and fishing 3%, laborers 17%, clerical 22%, professional and technical 17%, administrative and managerial 13%, sales 8%, services 20% (2000 est.)
Unemployment rate:
5% (2002 est.)
Population below poverty line:
19% (2000)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
3.3% (mid-2003 est.)
Budget:
revenues: $671.1 million
expenditures: $594.6 million, including capital expenditures of $55
million (FY03/04)
Agriculture - products:
bananas, vegetables, citrus, flowers; dairy products
Industries:
tourism, international business, light manufacturing
Industrial production growth rate:
NA%
Electricity - production:
643 million kWh (2002)
Electricity - production by source: fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)
Electricity - consumption:
598 million kWh (2002)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,000 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Exports:
$879 million (2002)
Exports - commodities:
reexports of pharmaceuticals
Exports - partners:
France 73.2%, UK 6.2%, Spain 2.4% (2004)
Imports:
$5.523 billion (2002)
Imports - commodities:
machinery and transport equipment, construction materials,
chemicals, food and live animals
Imports - partners:
