Trade in services in Bermuda
Bermuda: Trade in services was 31.0% in 2023. ▼ Falling
Trade in services in Bermuda, 2006–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
Bermuda recorded 31.0% for trade in services in 2023.
The figure is up 0.3% on the previous year and down 11.7% 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 66th of 199 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 18 years of available data.
Trade in services 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% |
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 | 28.8% | 26.3% | 31.0% | 4 |
Countries ranked near Bermuda
More economy & growth data for Bermuda
- Gross value added at basic prices (GVA) (constant LCU), per capita 105,450 constant LCU per person (2024)
- Gross value added at basic prices (GVA) (current LCU), per unit of GDP 0.9638 current LCU per US$ of GDP (2024)
- Gross value added at basic prices (GVA) (current LCU), per capita 137,106 current LCU per person (2024)
- Gross value added at basic prices (GVA) (constant 2015 US$), annual 1.92 % change on previous year (2024)
- Gross value added at basic prices (GVA) (constant 2015 US$), per unit 0.7902 constant 2015 US$ per US$ of GDP (2024)
- Gross value added at basic prices (GVA) (constant 2015 US$), per 112,409 constant 2015 US$ per person (2024)
- Gross value added at basic prices (GVA) (constant LCU), annual growth 1.92 % change on previous year (2024)
- Gross value added at basic prices (GVA) (constant LCU), per unit of 0.7413 constant LCU per US$ of GDP (2024)
- GDP (constant 2015 US$), per unit of GDP 0.8191 constant 2015 US$ per US$ of GDP (2024)
- GDP (constant 2015 US$), annual growth rate 1.89 % change on previous year (2024)
Frequently asked questions
- What is trade in services in Bermuda?
- Trade in services in Bermuda was 31.0% in 2023, 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 66th out of 199 countries with data for 2023.
- Is trade in services rising or falling in Bermuda?
- Over the last ten years it is down 11.7%. 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 — 18 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.