Bermuda: Chemicals (% of value added in manufacturing)

Key figures

What the numbers say

In 2020, Bermuda's chemicals (% of value added in manufacturing) fell 2.11 percentage points on 2019 (from 5.32% to 3.21%).

Across the 23 yearly changes before that (1997 to 2019), the average change was +0.06 percentage points and a typical year strayed about 0.57 percentage points from that (the standard deviation). This year's change was 3.8 standard deviations below that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 1.77 percentage points in 2018 and the biggest yearly fall was 2.11 percentage points in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2011 to 2020 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.

Closest to Bermuda in the 2020 ranking

• Lebanon — 1st of 5: 14.56%
• Norway — 2nd of 5: 9.14%
• Panama — 3rd of 5: 4.59%
• Bangladesh — 5th of 5: 3.06%

What this measures

Manufacturing of chemicals and chemical products includes industries classified in ISIC (Rev. 3) division 24. 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 as a percentage of value added in manufacturing which is the contribution to the economy by the manufacturing sector (ISIC Rev. 3 major division D).

Limitations: In establishing classifications systems compilers must define both the types of activities to be described and the units whose activities are to be reported. There are many possibilities, and the choices affect how the statistics can be interpreted and how useful they are in analyzing economic behavior. The ISIC emphasizes commonalities in the production process and is explicitly not intended to measure outputs (for which there is a newly developed Central Product Classification). Nevertheless, the ISIC views an activity as defined by "a process resulting in a homogeneous set of products."

All 25 values

Chemicals (% of value added in manufacturing) in nearby economies

• Canada — 10.32% (2024)
• United States — 19.23% (2024)

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

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Bermuda's chemicals (% of value added in manufacturing)?

3.21% in 2020, according to the World Bank (World Development Indicators).

How has it changed since 1996?

It is down 0.74 percentage points from 3.95% in 1996. The highest value was 5.45% in 2018 and the lowest 3.21% in 2020.

Is the latest change in chemicals (% of value added in manufacturing) unusual for Bermuda?

In 2020, Bermuda's chemicals (% of value added in manufacturing) fell 2.11 percentage points on 2019 (from 5.32% to 3.21%). Across the 23 yearly changes before that (1997 to 2019), the average change was +0.06 percentage points and a typical year strayed about 0.57 percentage points from that (the standard deviation). This year's change was 3.8 standard deviations below that average, so it was unusually large compared with the rest of the record.

Where does this data come from?

The World Bank's World Development Indicators, licensed CC BY 4.0. Original source: International Yearbook of Industrial Statistics, UN Industrial Development Organization (UNIDO).

Source

World Bank, World Development Indicators, indicator NV.MNF.CHEM.ZS.UN, licensed CC BY 4.0. Original source: International Yearbook of Industrial Statistics, UN Industrial Development Organization (UNIDO) 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.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.