Bermuda's net secondary income (net current transfers from abroad) (current US$) was −US$229 million in 2024, the latest year in the World Bank's World Development Indicators. That is down 29.3% from −US$177.11 million in 2014.
Key figures
| Value | Year | |
|---|---|---|
| Latest | −US$229 million | 2024 |
| Five years earlier | −US$184.28 million | 2019 |
| Ten years earlier | −US$177.11 million | 2014 |
| Highest | −US$164.68 million | 2010 |
| Lowest | −US$229 million | 2024 |
| Average since 2015 | −US$196.68 million | 2015–2024 |
| First recorded | −US$164.68 million |
What the numbers say
In 2024, Bermuda's net secondary income (net current transfers from abroad) (current US$) fell US$38.58 million on 2023 (from −US$190.41 million to −US$229 million).
Across the 13 yearly changes before that (2011 to 2023), the average change was −US$1.98 million and a typical year strayed about US$19.61 million from that (the standard deviation). This year's change was 1.9 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.
On record, the biggest yearly rise was US$29.74 million in 2023 and the biggest yearly fall was US$38.58 million in 2024. 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 the straight-line trend is downward, about US$5.44 million a year. A straight line explains 56% of the movement over 10 observed years.
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 34th highest value of the 54 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
- Sint Maarten (Dutch part) — 31st of 54: −US$97.99 million
- Turks and Caicos Islands — 32nd of 54: −US$108.5 million
- Panama — 33rd of 54: −US$218.83 million
- Iceland — 35th of 54: −US$383.05 million
- Slovak Republic — 36th of 54: −US$387.92 million
- Slovenia — 37th of 54: −US$424.32 million
What this measures
Net secondary income (from abroad) comprises transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net secondary income is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.
All 15 values
| Year | Net secondary income (net current transfers from abroad) (current US$) |
|---|---|
| 2024 | -228,995,000 |
| 2023 | -190,414,000 |
| 2022 | -220,152,000 |
| 2021 | -206,137,000 |
| 2020 | -220,579,000 |
| 2019 | -184,279,000 |
| 2018 | -173,283,000 |
| 2017 | -199,972,000 |
| 2016 | -177,312,000 |
| 2015 | -165,671,000 |
Net secondary income (net current transfers from abroad) (current US$) in nearby economies
- Canada — −US$4.56 billion (2025)
- United States — −US$273.12 billion (2024)
More economic policy & debt data for Bermuda
- GDP (current US$) — 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$116,514 (2024)
- GDP per capita (constant LCU) — 109,864 (2024)
- GDP (annual % growth) — 1.89% (2024)
- GDP per capita (annual % growth) — 1.99% (2024)
- Adjusted savings, education expenditure (% of GNI)
Reading data like this
Questions people ask
- What is Bermuda's net secondary income (net current transfers from abroad) (current US$)?
- −US$229 million in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 2010?
- It is down 39.05% from −US$164.68 million in 2010. The highest value was −US$164.68 million in 2010 and the lowest −US$229 million in 2024.
- How does Bermuda rank?
- 34th highest of 54 economies with data for 2024.
- Is the latest change in net secondary income (net current transfers from abroad) (current US$) unusual for Bermuda?
- In 2024, Bermuda's net secondary income (net current transfers from abroad) (current US$) fell US$38.58 million on 2023 (from −US$190.41 million to −US$229 million). Across the 13 yearly changes before that (2011 to 2023), the average change was −US$1.98 million and a typical year strayed about US$19.61 million from that (the standard deviation). This year's change was 1.9 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.
Source
World Bank, World Development Indicators, indicator NY.TRF.NCTR.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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