Economy of Bermuda

Parts of this article (those related to the history of the economy since 2009) need to be updated. Please help update this article to reflect recent events or newly available information. (September 2013)

Bermuda is a British Overseas Territory comprising a number of islands, with an area of 54 km² (20.8 sq mi), located in the North Atlantic Ocean, which in 2016 had a population of 65,331.^[1]

Bermuda now has the fourth highest per capita incomes in the world,^[2] primarily fueled by offshore financial services for non-resident firms, especially offshore insurance and reinsurance, and tourism. In 2014, 584,702 tourists visited the territory. Tourism accounts for an estimated 28% of gross domestic product (GDP), 85% of which is from North America. The industrial sector is small, and agriculture is now severely limited by a lack of suitable land. About 80% of food is imported. International business contributes over 60% of Bermuda's economic output. A failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms. Government economic priorities are for further strengthening of the tourist and international financial sectors.