Bermuda: Agriculture, forestry, and fishing, value added (current US$)

Key figures

What the numbers say

In 2024, Bermuda's agriculture, forestry, and fishing, value added (current US$) fell 0.8% on 2023 (from US$16.52 million to US$16.38 million).

Across the 22 yearly changes before that (1997 to 2023), the average change was +3.3% and a typical year strayed about 15.9% from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 39.7% in 2016 and the biggest yearly fall was 36.2% in 2014. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 3% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Bermuda had the 25th highest value of the 28 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Bermuda in the 2024 ranking

• Kiribati — 22nd of 28: US$79.49 million
• Marshall Islands — 23rd of 28: US$56.82 million
• Cayman Islands — 24th of 28: US$35.15 million
• Curaçao — 26th of 28: US$9.93 million
• Palau — 27th of 28: US$8.78 million
• Turks and Caicos Islands — 28th of 28: US$6.14 million

What this measures

Agriculture, forestry, and fishing corresponds to ISIC (Rev. 4) divisions 01-03 and includes the exploitation of vegetal and animal natural resources, comprising the activities of growing of crops, raising and breeding of animals, harvesting of timber and other plants, animals or animal products from a farm or their natural habitats.Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.

Limitations: Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money. Agricultural production often must be estimated indirectly, using a combination of methods involving estimates of inputs, yields, and area under cultivation. This approach sometimes leads to crude approximations that can differ from the true values over time and across crops for reasons other than climate conditions or farming techniques.

Regional and income-group figures are computed by the World Bank as a gap-filled total.

All 25 values

Agriculture, forestry, and fishing, value added (current US$) in nearby economies

• Canada — US$42.53 billion (2022)
• United States — US$223.72 billion (2021)

More economic policy & debt data for Bermuda

• GDP (current US$) — US$9.19 billion (2024)
• GDP (current LCU) — 9.19 billion (2024)
• GDP (constant 2015 US$) — US$7.53 billion (2024)
• GDP (constant LCU) — 7.1 billion (2024)
• GDP per capita (current US$) — US$142,250 (2024)
• GDP per capita (current LCU) — 142,250 (2024)
• GDP per capita (constant 2015 US$) — US$116,514 (2024)
• GDP per capita (constant LCU) — 109,864 (2024)
• GDP (annual % growth) — 1.89% (2024)
• GDP per capita (annual % growth) — 1.99% (2024)
• Adjusted savings, education expenditure (% of GNI)

Reading data like this

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Questions people ask

What is Bermuda's agriculture, forestry, and fishing, value added (current US$)?

US$16.38 million in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1996?

It is down 24.03% from US$21.56 million in 1996 (0.98% a year on average, compounded). The highest value was US$39.03 million in 2005 and the lowest US$13.54 million in 2014.

How does Bermuda rank?

25th highest of 28 economies with data for 2024.

Is the latest change in agriculture, forestry, and fishing, value added (current US$) unusual for Bermuda?

In 2024, Bermuda's agriculture, forestry, and fishing, value added (current US$) fell 0.8% on 2023 (from US$16.52 million to US$16.38 million). Across the 22 yearly changes before that (1997 to 2023), the average change was +3.3% and a typical year strayed about 15.9% from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NV.AGR.TOTL.CD, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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