Economic Overview
Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the us. its economy is primarily based on providing financial services for international business and luxury facilities for tourists. a number of reinsurance companies relocated to the island following the 11 september 2001 attacks and again after hurricane katrina in august 2005, contributing to the expansion of an already robust international business sector. bermuda's tourism industry - which derives over 80% of its visitors from the us - continues to struggle but remains the island's number two industry. most capital equipment and food must be imported. bermuda's industrial sector is small, although construction continues to be important; the average cost of a house in june 2003 had risen to $976,000. agriculture is limited with only 20% of the land being arable.
Environmental Issues
Sustainable development
Government Type
Parliamentary; self-governing territory
Population
66,536 (july 2008 est.)
Location
North america, group of islands in the north atlantic ocean, east of south carolina (us)
Area
Total: 53.3 sq km
land: 53.3 sq km
water: 0 sq km
About one-third the size of washington, dc
Country Aliases
Conventional long form: none
conventional short form: bermuda
former: somers islands
Capital
Name: hamilton
geographic coordinates: 32 17 n, 64 47 w
time difference: utc-4 (1 hour ahead of washington, dc during standard time)
daylight saving time: +1hr, begins second sunday in march; ends first sunday in november
Military Service
18-23 years of age; eligible men required to register for conscription as needed into the bermuda regiment, which is largely voluntary; term of service 39 months (2007)
International Disputes
None
Sources: Central Intelligence Agency (CIA)
