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Bermuda

Bermuda, a British Overseas Territory, 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 touristfacilities 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 now severely limited by a lack of suitable land. About 80% of food is imported. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms. Government economic priorities are the further strengthening of the tourist and international financial sectors.

As of 2012, Bermuda has a GDP (PPP) of US$4.5 billion, with a real growth rate of 4.6% and a per-capita PPP of US$69,900. 0.7% of the GDP consists of agriculture, 7% of industry, and 92.3% of services (2012 est.). For the 2004-05 fiscal year, the government had revenues of US$738 million and expenditures of US$665 million.

19% of the population is below the poverty line as of 2000. The inflation rate (consumer prices, as of 2005) is 2.8%. 19% of the total labour force of 38,360 is in clerical occupations, 22% services, 3% labourers, 17% professional and technical, 15% administrative and managerial, 19% sales, and 3% agriculture and fishing; there is an unemployment rate of 2.1% as of 2004.

International Finance Role

Bermuda is considered an offshore financial centre, and it has a well-deserved reputation for the integrity of its financial regulatory system. An outdated (October 2000) KPMG report titled "Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda" states that the island's legislative framework is not compliant with international standards, which has led critics to falsely conclude that Bermuda is committed to the facilitation of money laundering and other financial crimes. The Bermuda Government has signed tax transparency and compliance agreements with the US.

Agriculture

A major Bermuda industry of the 1920s was the export of early vegetables and flowers to New York. Bermuda had three crops per year. The Bermuda Botanic Gardens (now with 38 acres) had been established in 1898.

In 1922 complete, concise and clear acts dealing with agriculture were placed on the Bermuda statute book; inspection of produce was initiated; and seed testing began. Local seedsmen were registered in 1923. MrMcCallan, the Agricultural Director reorganised the Agricultural Exhibition for 1923. Seed potatoes were gradually improved after much investigation with US experts. A local farmers' market started in 1923. For a year in 1921-23, Professor H HWhetzel[2] of Cornell University advised remedies for the cash crop diseases of potato blight, onion thrips, celery leaf spot, lily Botritis, melon mildew etc. He suggested that the colony should appoint a full-time plant pathologist.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Bermuda"

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