Bermuda - Country Code 1-441
IDD Code: 011
Country Code: 1-441
ISO: BM
ISO3: BMU
Helpful Information About Bermuda
Time
Thursday, November 21, 2024
Capital: Hamilton
Time Zone
UTC-04:00
Time Difference
Hamilton, Bermuda is ()
Daylight Savings Time
Bermuda does not follow DST
Weather
Country Map
Country Flag
About Bermuda Country NameBermuda
ContinentNorth America
Lat/Long32.32138400, -64.75737000
BackgroundBermuda 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.
Population70,537 (July 2016 est.)
LanguagesEnglish (official), Portuguese
ReligionsProtestant 46.2% (includes Anglican 15.8%, African Methodist Episcopal 8.6%, Seventh Day Adventist 6.7, Pentecostal 3.5%, Methodist 2.7%, Presbyterian 2.0 %, Church of God 1.6%, Baptist 1.2%, Salvation Army 1.1%, Brethren 1.0%, other Protestant 2.0%), Roman Catholic 14.5%, Jehovah's Witness 1.3%, other Christian 9.1%, Muslim 1%, other 3.9%, none 17.8%, unspecified 6.2% (2010 est.)
Ethnic GroupsBlack 53.8%, white 31%, mixed 7.5%, other 7.1%, unspecified 0.6% (2010 est.)
Economy
EconomyTourism 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.
Bermuda's economy entered its seventh straight year of recession in 2015. Unemployment is 9%, public debt is growing and exceeds $2.3 billion, the government pension fund faces a $2.4 billion shortfall, and the economy has not attracted significant amounts of new foreign investment. Bermuda's FY 2015-16 budget projects a 12% larger deficit than FY14/15. The government announced it would borrow $125 million in 2015 to meet current operating expenses. Still, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US.
Bermuda's economy entered its seventh straight year of recession in 2015. Unemployment is 9%, public debt is growing and exceeds $2.3 billion, the government pension fund faces a $2.4 billion shortfall, and the economy has not attracted significant amounts of new foreign investment. Bermuda's FY 2015-16 budget projects a 12% larger deficit than FY14/15. The government announced it would borrow $125 million in 2015 to meet current operating expenses. Still, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US.
GDP$5.198 billion (2013 est.)
CurrencyDollar
Communications
Internet TLD.bm
Internet Users69,000
Land Lines29,200
Mobile Phones59,500
Broadcast Media3 TV stations; cable and satellite TV subscription services are available; roughly 13 radio stations operating (2012)