Bermuda, Economy

The picturesque scenery and the warm, sunny climate make the Bermudas a popular resort. Tourism drives the economy of the islands, with one-third of the adult population employed in tourism-related jobs in 1996. Financial services, ship repairing and servicing the military bases on the islands are the other economic mainstays. Favorable tax conditions have made Bermuda a banking center. Manufactures include pharmaceuticals, perfumes, flavoring extracts, mineral-water extracts, and essential oils. Only a very small area is under cultivation; bananas, vegetables, and cut flowers are produced. Food supplies and fuels form the major part of Bermudian imports. The Bermuda dollar is the unit of currency (1 Bermuda dollar equals U.S.$1; fixed rate). Roads total 240 km (150 mi). Bermuda is serviced by several international airlines and shipping companies, and enjoys one of the highest per capita incomes in the world.