Gazeteer of Bermuda

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. A referendum on independence was soundly defeated in 1995. more

Economy
Bermuda enjoys one of the highest per capita incomes in the world, equal to that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. The effects of 11 September 2001 have had both positive and negative ramifications for Bermuda. On the positive side, a number of new reinsurance companies have located on the island, contributing to the expansion of an already robust international business sector. On the negative side, Bermuda's tourism industry - which derives over 80% of its visitors from the US - was severely hit as American tourists chose not to travel. Tourism rebounded somewhat in 2002-03. 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, only 6% of the land being arable.