Trade in services (% of GDP) in Bermuda
Bermuda: Trade in services (% of GDP) was 34.5% in 2024. ▼ Falling
Trade in services in Bermuda, 2006–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
Bermuda recorded 34.5% for trade in services in 2024.
The figure is up 11.2% on the previous year and down 4.5% over ten years.
Over the whole period, trade in services in Bermuda peaked at 40.2% in 2007 and was at its lowest, 26.3%, in 2020.
Bermuda ranks 58th of 200 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 19 years of available data.
Trade in services (% of GDP) in Bermuda, year by year
| Year | % of GDP | Change |
|---|---|---|
| 2006 | 39.9% | — |
| 2007 | 40.2% | +0.7% |
| 2008 | 35.9% | -10.7% |
| 2009 | 34.7% | -3.3% |
| 2010 | 36.4% | +4.8% |
| 2011 | 37.3% | +2.5% |
| 2012 | 35.9% | -3.9% |
| 2013 | 35.2% | -1.9% |
| 2014 | 36.1% | +2.8% |
| 2015 | 32.0% | -11.6% |
| 2016 | 32.4% | +1.5% |
| 2017 | 32.6% | +0.4% |
| 2018 | 36.9% | +13.3% |
| 2019 | 35.8% | -2.9% |
| 2020 | 26.3% | -26.5% |
| 2021 | 27.0% | +2.5% |
| 2022 | 30.9% | +14.7% |
| 2023 | 31.0% | +0.3% |
| 2024 | 34.5% | +11.2% |
Bermuda compared with similar countries
- Bermuda's 34.5% is above the median for high income countries, which is 32.3%, 1.1× the median. (72 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 37.7% | 34.7% | 40.2% | 4 |
| 2010s | 35.1% | 32.0% | 37.3% | 10 |
| 2020s | 30.0% | 26.3% | 34.5% | 5 |
Countries ranked near Bermuda
More economy & growth data for Bermuda
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0128 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), gaps 33.80 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0037 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 522.99 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 117.84 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -21.86 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 1,823 BoP, current US$ per person (2024)
- General government final consumption expenditure (current LCU) 4.44 % change on previous year (2024)
- General government final consumption expenditure (current US$), per 15,245 current US$ per person (2024)
- General government final consumption expenditure (current US$), per 0.1072 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is trade in services in Bermuda?
- Trade in services in Bermuda was 34.5% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest trade in services recorded in Bermuda?
- The highest recorded value was 40.2% in 2007.
- What is the lowest trade in services recorded in Bermuda?
- The lowest recorded value was 26.3% in 2020.
- How does Bermuda rank for trade in services?
- Bermuda ranks 58th out of 200 countries with data for 2024.
- Is trade in services rising or falling in Bermuda?
- Over the last ten years it is down 4.5%. The long-run trend across the full record is falling.
- Where does this Bermuda data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Trade in services (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 19 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Total trade in services includes services provided by residents to non-residents plus services provided by non-residents to residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.