Economy of Bermuda from MilaCastillo's blog

Bermuda is considered a developed nation. A nation's level of development 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 such as public education, health care, and law enforcement. Citizens of developed countries enjoy a high standard of living and longer life expectancies than citizens of developing countries. Each year, Bermuda exports about US$0.01 billion and imports about US$0.93 billion. 7% of the country's population is unemployed. The total number of unemployed 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 there is a stable economy. Investors should consider Bermuda a safe haven for investment and other financial ventures. The country's Gini index is 63. Bermuda suffers from severe inequality. The gap between the richest and poorest citizens in this country is quite obvious and highly significant, resulting in dramatically different living standards for rich and poor citizens.

Currency

The currency of Bermuda is the Bermuda Dollar. The plural form of the word Bermuda dollar is dollars. The symbol used for this currency is $ and is abbreviated as BMD. The Bermuda Dollar is divided into cents; there are 100 in a dollar.

Credit rating

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

Central bank

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

National debt

Bermuda has a national debt equal to 47.7% of the country's gross domestic product (GDP) as estimated in 2013.

Control information

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

Finance

The total Gross Domestic Product (GDP) measured at Purchasing Power Parity (PPP) in Bermuda is US$5.6 billion. Gross Domestic Product (GDP) per capita at Purchasing Power Parity (PPP) per capita in Bermuda was last recorded at $0 million. PPP in Bermuda is considered below average compared to other countries. Below-average PPPs indicate that citizens in this country find it difficult to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with below-average purchasing power parities are dangerous locations for investments. The total gross domestic product (GDP) in Bermuda is 5.574 billion. Based on this statistic, Bermuda is considered moderately strong. Middle economy countries support an average number of industries and investment opportunities. It shouldn't be too difficult to find worthwhile investment opportunities in mid-sized economies. Gross domestic product (GDP) per capita in Bermuda was last recorded at $91 million. The average Bermuda citizen has very little wealth. Countries with very low wealth per capita often have lower life expectancies and a dramatically lower quality of life for their citizens. In countries with very low levels of prosperity, it can be very difficult to find a highly skilled workforce as citizens find it difficult to obtain the training required for specialized industries. However, labor can be found at very low rates compared to countries with higher wealth per capita. The annual growth rate of GDP in Bermuda averaged -3.5% in 2014. According to this percentage, Bermuda is currently experiencing a significant decline. Countries experiencing significant declines could see dramatic declines in personal consumption, employment rates and personal income.

http://www.confiduss.com/en/jurisdictions/bermuda/economy/