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Bermuda was first settled in 1609 by shipwrecked English colonists heading for Virginia. Self-governing since 1620, Bermuda is the oldest and most populous of the British overseas territories. Vacationing 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.


North America, group of islands in the North Atlantic Ocean, east of South Carolina (US)

Natural Resources

limestone, pleasant climate fostering tourism

Population - distribution

relatively even population distribution throughout

English (official), Portuguese
HAMILTON (capital) 10,000 (2014)
Conventional long form
Conventional short form
Local long form
Local short form
parliamentary democracy (Parliament); self-governing overseas territory of the UK
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
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Tourism accounts for about 5% of Bermuda's GDP, but a much larger share of employment. Over 80% of its visitors come from the US. The sector struggled in the wake of the global recession of 2008-09. International business, which consists primarily of reinsurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Even this sector, however, has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island.
Total tax rate (% of commercial profits)
Real Interest Rate
Manufacturing, value added (% of GDP)
Current Account Balance
US$ 816,780,234
Labor Force, Total
Employment in Agriculture
Employment in Industry
Employment in Services
Unemployment Rate
Imports of goods and services
US$ 1,649,401,000
Exports of goods and services
US$ 2,656,891,000
Total Merchandise Trade
FDI, net inflows
US$ -203,934,014
Commercial Service Exports
US$ 1,242,928,173
bananas, vegetables, citrus, flowers; dairy products, honey
international business, tourism, light manufacturing
reexports of pharmaceuticals
US 14.4%, Iceland 13.7%, Spain 6.8%, UK 5.8%, Mauritius 5.6% (2015)
clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals
South Korea 49.5%, US 14.6%, Germany 11.4%, China 9%, Turkmenistan 5.2% (2015)
Country Risk Rating
Business Climate Rating

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