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• GDP: US$4.8 billion (2007).
• Main exports: Semitropical produce and light manufactured goods.
• Main imports: Household goods, chemicals, live animals, machinery and transport.
• Main trade partners: USA, UK, France, Kazakhstan, Spain and Korea (Rep).
• Main exports: Semitropical produce and light manufactured goods.
• Main imports: Household goods, chemicals, live animals, machinery and transport.
• Main trade partners: USA, UK, France, Kazakhstan, Spain and Korea (Rep).
Economy
Bermuda’s economy is dominated by two industries – tourism and international business, including financial, insurance and re-insurance services. Together they account for approximately 90% of GDP.
Offshore banking and related services have been the mainstay of the financial sector, although in recent years, insurance has grown to the point where Bermuda is now the world’s third-largest insurance market. Tax receipts from several thousand offshore companies registered in Bermuda, plus customs duties, go some way to offsetting the island’s large annual visible trade deficit of around US$500 million.
The small light-manufacturing base in Bermuda is engaged in boat building, ship repair and perfume and pharmaceutical production. There is some agriculture, concentrated in the growing of fruit and vegetables, although most of Bermuda’s food is imported along with all its oil, machinery and most manufactured goods.
Bermuda has established an important diamond market. Most recently, real estate and rental has boomed, contributing 16% to the GDP in 2004.
Offshore banking and related services have been the mainstay of the financial sector, although in recent years, insurance has grown to the point where Bermuda is now the world’s third-largest insurance market. Tax receipts from several thousand offshore companies registered in Bermuda, plus customs duties, go some way to offsetting the island’s large annual visible trade deficit of around US$500 million.
The small light-manufacturing base in Bermuda is engaged in boat building, ship repair and perfume and pharmaceutical production. There is some agriculture, concentrated in the growing of fruit and vegetables, although most of Bermuda’s food is imported along with all its oil, machinery and most manufactured goods.
Bermuda has established an important diamond market. Most recently, real estate and rental has boomed, contributing 16% to the GDP in 2004.
Business Etiquette
Lightweight suits or shirt and tie are acceptable, as are Bermuda shorts, when worn in the appropriate manner. Business cards are usually exchanged.
Office hours: Mon-Fri 0900-1700.
Office hours: Mon-Fri 0900-1700.
Business Contacts
Bermuda Chamber of Commerce
1 Point Pleasant Road, (PO Box HM 655), Hamilton HMCX, Bermuda
Tel: 295 4201.
Website: www.bermudacommerce.com
Bermuda International Business Association (BIBA)
Cedar House, Ground Floor, 20 Victoria Street, Hamilton HM 12, Bermuda
Tel: 292 0632.
Website: www.biba.org
1 Point Pleasant Road, (PO Box HM 655), Hamilton HMCX, Bermuda
Tel: 295 4201.
Website: www.bermudacommerce.com
Bermuda International Business Association (BIBA)
Cedar House, Ground Floor, 20 Victoria Street, Hamilton HM 12, Bermuda
Tel: 292 0632.
Website: www.biba.org