Government revenue
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%. In 2018/19 actual government revenues were $1,090 million with a deficit of $77.8 million after $58.6 million capital expenditure 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. By 2020 net borrowings were $2.586 billion. 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." 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.