Bermuda

Listen to Bermuda

The British Crown Colony of Bermuda enjoys the highest per capita income in the world, more than 50% higher than that of the US.  Its economy is based on providing financial services for international business and luxury facilities for tourists.  A number of companies relocated to Bermuda following the September 11^th attacks in the United States, and again after Hurricane Katrina in August 2005.  This contributed to the already booming business sector.  Bermuda’s tourism industry is the islands number 2 industry.  Over 80% of visitors come from the United States.  Construction in Bermuda remains an important business, although other industrial employment is limited.  Agriculture is also limited because of a small amount of land available for planting.  The average cost of a home in Bermuda has risen to 976,000 U.S. dollars.

Bermuda is a group of 138 coral islands in the North Atlantic Ocean, east of South Carolina.  It is about 1/3 the size of Washington D.C.  The island has ample rainfall, but no rivers or freshwater lakes.  Bermudas’ climate is subtropical, with strong winds common in winter, and risks of hurricanes from June to November. 

The population of Bermuda is 66,000.  55% of the population is black, 34% white, and the rest is mixed race.  The dominant religion is Anglican, and the official language is English. 

The island is a parliamentary; self governing overseas territory of the United Kingdom.  The capital of Bermuda is Hamilton.  Chief of State is Queen Elizabeth the second represented by a governor general.  Premier Ewart Brown is head of the local government.  A referendum on independence was defeated in 1995; the present government has reopened the debate.  Bermudas’ currency is the Bermuda Dollar, it has a fixed rate of 1 Bermuda dollar is equal to one US dollar.  Their gross domestic product is 4.5billion.  They export 1.5billion dollars in goods, and import 982 million dollars in goods.  Their main export is pharmaceutical reexports, and their main imports are clothing, fuel, machinery and transport equipment, construction materials, chemicals, food and live animals.  Their external debt is 160 million dollars.