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Phone Code: 001441Root-level Domain Code: .bm
Phone Code: 001441
Root-level Domain Code: .bm
Background: 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 developed into a highly successful offshore financial center. Although a referendum on independence from the UK was soundly defeated in 1995, the present government has reopened debate on the issue.
Economy Overview: Bermuda enjoys the 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 11 September 2001 and again after Hurricane Katrina, 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.
Geography Note: consists of about 138 coral islands and islets with ample rainfall, but no rivers or freshwater lakes; some land was leased by US Government from 1941 to 1995
Location: North America, group of islands in the North Atlantic Ocean, east of South Carolina (US)
Natural Resources: limestone, pleasant climate fostering tourism
Geographic Coordinates: 32 20 N, 64 45 W
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