Editing Economy of Bermuda (section)

==Current economy==
The [[Bermuda Monetary Authority]] (BMA) is an independent regulator of Bermuda's financial services sector, including the [[Bermuda Stock Exchange]]. The BMA is not a [[central bank]], and does not provide [[lender of last resort]] facilities. The BMA has licensed four local banks: [[Butterfield Bank]], [[Clarien Bank]], [[Bermuda Commercial Bank]]  and the [[HSBC Bank Bermuda]].<ref>{{cite web | url=https://www.privacyshield.gov/ps/article?id=Bermuda-Banking-Systems | title=Bermuda - Banking Systems &#124; Privacy Shield }}</ref>  Bermuda's currency is the [[Bermudian dollar]], which is [[Fixed exchange-rate system|pegged]] to the US dollar on a one-to-one basis. Both currencies circulate in Bermuda on an equal basis, but the Bermudian dollar is not normally traded outside the territory. In May 2020 the Bermuda Government's debt stood at $2.68 billion and the debt limit was increased to $2.9 billion in response to COVID-19 related expenditures.<ref>{{Cite web |url=http://bernews.com/2020/05/covid-19-fiscal-economic-plan-update/ |title=Minister Updates on Covid-19 Economic Plan - Bernews |access-date=2020-05-09 |archive-url=https://web.archive.org/web/20200516030001/http://bernews.com/2020/05/covid-19-fiscal-economic-plan-update/ |archive-date=2020-05-16 |url-status=dead }}</ref> The BMA implemented [[Basel II]] in Bermuda from 1 January 2009 and [[Basel III]] from 1 January 2015, combined becoming the final rules for the enhancement of capital adequacy and liquidity in Bermuda's banking sector.<ref>{{Cite web|url=http://www.about.hsbc.bm/hsbc-in-bermuda|title = HSBC in Bermuda - About HSBC &#124; HSBC Bermuda}}</ref>

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

In 2006, Bermuda's exports (mostly reexports of pharmaceuticals) were valued at $783m; export partners included Spain (13.8%), Germany (11.7%), Switzerland (8.8%), Denmark (6.6%), and the UK (6%).

In 2007, imports (of clothing, fuels, machinery and transport equipment, construction materials, chemicals, food, and live animals) were valued at $1.162bn; import partners included South Korea (36.4%), the US (15.7%), Germany (13.2%) and Italy (11.8%).

In 2018, Bermuda had a GDP of $7.263bn, and the GDP per capita was $111,540, with a real growth rate of 1.7%. In 2018 (est.), agriculture contributed 0.3% to GDP, industry 5%, and services 94.2%.<ref name="Budget">{{cite web|title=Bermuda Government National Economic Report|url=https://www.gov.bm/sites/default/files/NATIONAL%20ECONOMIC%20REPORT%202019_Web.pdf|accessdate=10 March 2021}}</ref> In 2018/19 actual government revenues were $1,090 million with a deficit of $77.8 million after $58.6 million capital expenditure<ref>{{cite web|title=Bermudan Government Budget Book|url=https://www.gov.bm/sites/default/files/Budget_Book_Combined_2020_0.pdf|accessdate=10 March 2021}}</ref> The major sources of Government revenue were: $467 million payroll tax and $226 million customs duties. Between 2008 and 2014 debt rose by 20% or more every year.<ref name="royalgazette.com">{{Cite web |url=http://www.royalgazette.com/article/20160220/NEWS01/160229976 |title=Budget 2016: Scaling a dangerous debt mountain &#124; the Royal Gazette:Bermuda Politics |access-date=2020-05-09 |archive-date=2019-09-10 |archive-url=https://web.archive.org/web/20190910040322/http://www.royalgazette.com/article/20160220/NEWS01/160229976 |url-status=dead }}</ref> By 2020 net borrowings were $2.586 billion.<ref name="Budget"/> In September 2020 it was reported that "Bermuda faces a fiscal cliff if its debt-to-revenue ratio, currently at 340 per cent, continues to rise."<ref name="Cliff">{{cite journal|journal=Royal Gazette|url=https://www.royalgazette.com/economy/business/article/20210121/warning-that-bermuda-could-face-fiscal-cliff/|accessdate=10 March 2021|title=Warning that Bermuda could face 'fiscal cliff'|date=21 January 2021}}</ref> Annual debt interest is $127.1 million. $354 million of debt matures in January 2023. A further $402 million of debt matures in February 2024.<ref name="Cliff"/>