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Bermuda was first settled in 1609 by shipwrecked English colonists headed for Virginia. Tourism to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has also developed into a highly successful offshore financial center. A referendum on independence from the UK was soundly defeated in 1995.


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Economy

Economy - overview
Bermuda enjoys the fourth highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. 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 on the US 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 largely focused on construction and agriculture is limited, with only 20% of the land being arable.

Gdp (purchasing power parity) World Ranking: 169
$4.5 billion (2004 est.)

Gdp (official exchange rate)
$NA

Gdp - real growth rate World Ranking: 79
4.6% (2004 est.)

Gdp - per capita (ppp) World Ranking: 4
$69,900 (2004 est.)

Gdp - composition by sector
Agriculture 0.7%
Industry 7%
Services 92.2% (2011 est.)

Labor force World Ranking: 199
38,360 (2004)

Labor force - by occupation
Agriculture and fishing 3%
Laborers 17%
Clerical 19%
Professional and technical 21%
Administrative and managerial 15%
Sales 7%
Services 19% (2004 est.)

Unemployment rate World Ranking: 15
2.1% (2004 est.)

Population below poverty line
19% (2000)

Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA%

Budget
Revenues $738 million
Expenditures $665 million (FY04/05)

Inflation rate (consumer prices) World Ranking: 42
2.7% (2011 est.)
2.4% (2010 est.)

Market value of publicly traded shares World Ranking: 100
$1.436 billion (31 December 2011)
$1.535 billion (31 December 2010)
$1.36 billion (31 December 2009)

Agriculture - products
Bananas, vegetables, citrus, flowers; dairy products, honey

Industries
International business, tourism, light manufacturing

Industrial production growth rate
NA%

Electricity - production World Ranking: 150
693.7 million kWh (2009 est.)

Electricity - consumption World Ranking: 155
636.4 million kWh (2008 est.)

Electricity - exports
0 kWh (2009 est.)

Electricity - imports
0 kWh (2009 est.)

Oil - production World Ranking: 153
0 bbl/day (2010 est.)

Oil - consumption World Ranking: 166
5,000 bbl/day (2010 est.)

Oil - exports World Ranking: 136
0 bbl/day (2009 est.)

Oil - imports World Ranking: 156
4,804 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 107
0 bbl (1 January 2011 est.)

Natural gas - production World Ranking: 154
0 cu m (2009 est.)

Natural gas - consumption World Ranking: 153
0 cu m (2009 est.)

Natural gas - exports World Ranking: 63
0 cu m (2009 est.)

Natural gas - imports World Ranking: 157
0 cu m (2009 est.)

Natural gas - proved reserves World Ranking: 152
0 cu m (1 January 2011 est.)

Exports World Ranking: 210
$16 million (2011 est.)
$15 million (2010 est.)

Exports - commodities
Reexports of pharmaceuticals

Imports World Ranking: 176
$940 million (2011 est.)
$988 million (2010 est.)

Imports - commodities
Clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals

Debt - external World Ranking: 185
$160 million (FY99/00)

Stock of direct foreign investment - at home
$NA

Stock of direct foreign investment - abroad
$NA

Exchange rates
Bermudian dollars (BMD) per US dollar - 1 (2011)
1 2010
Note
(fixed rate pegged to the US dollar)

Fiscal year
1 April - 31 March


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  Bermuda [ United Kingdom ] (Overseas Territory):


  GPS points from Bermuda [ United Kingdom ] (Overseas Territory)

Great Head Saint George's Parish

Clarence Cove Pembroke Parish

Three Hill Shoals Saint George's Parish

Cross Island Sandys Parish

Bond Bay Paget

Port Royal Bay Southampton Parish

Spectacle Island Southampton Parish

Conyers' Bay Sandys Parish




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