Bermuda 

Bermuda country policy

Policy established 12 November 2009

• Case-by-case assessment

Country class: 2

Bermuda country facts

Atradius Dutch State Business Economic Research
Country Report last updated :  15 November 2010
Country :  BERMUDA 

Political Situation

Stable

Head of state
QE II, represented by governor Sir Richard Gozney. 

Form of government
Government of the centre-left Progressive Labour Party (PLP), headed by p.m. Ewart Brown. 
 
Internal Economic Situation
Weak Recovery From Recession

General situation
Strong trade, tourist and investment ties with the USA have contributed to a flourishing economy with a very high standards of living but the US-recession led to a downfall of Bermuda’s economy by 2.5% in 2009, probably continued in 2010H1. Low inflation (2.9% p.a. April 2010). More than 13.000 international companies have settled in Bermuda but since the US-clampdown on tax havens some of them have left Bermuda. Vulnerability to hurricanes.

External Economic Situation
Good

Main sources of foreign exchange
Services; pharnaceuticals.

Main foreign markets
United States.

Main expenses of foreign exchange
Consumer goods.