Bermuda: Personal remittances, received (% of GDP)

Key figures

What the numbers say

In 2024, Bermuda's personal remittances, received (% of GDP) rose 0.57 percentage points on 2023 (from 23.66% to 24.23%).

Across the 17 yearly changes before that (2007 to 2023), the average change was +0.26 percentage points and a typical year strayed about 1.11 percentage points from that (the standard deviation). This year's change was 0.3 standard deviations above 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 2.18 percentage points in 2007 and the biggest yearly fall was 1.5 percentage points in 2008. 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 upward, about 0.36 percentage points a year. A straight line explains 64% 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 3rd highest value of the 29 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

• Nicaragua — 1st of 29: 26.63%
• Marshall Islands — 3rd of 29: 23.48%
• Liberia — 4th of 29: 21.28%
• Kyrgyz Republic — 5th of 29: 17.6%

What this measures

Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 19 values

Personal remittances, received (% of GDP) in nearby economies

• Canada — 0.04% (2025)
• United States — 0.03% (2025)

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 personal remittances, received (% of GDP)?

24.23% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is up 4.99 percentage points from 19.25% in 2006. The highest value was 24.23% in 2024 and the lowest 18.62% in 2011.

How does Bermuda rank?

3rd highest of 29 economies with data for 2024.

Is the latest change in personal remittances, received (% of GDP) unusual for Bermuda?

In 2024, Bermuda's personal remittances, received (% of GDP) rose 0.57 percentage points on 2023 (from 23.66% to 24.23%). Across the 17 yearly changes before that (2007 to 2023), the average change was +0.26 percentage points and a typical year strayed about 1.11 percentage points from that (the standard deviation). This year's change was 0.3 standard deviations above 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 BX.TRF.PWKR.DT.GD.ZS, licensed CC BY 4.0. Original source: Staff estimates, World Bank (WB); IMF balance of payments data, International Monetary Fund (IMF); World Bank GDP estimates, World Bank (WB); OECD GDP estimates, Organisation for Economic Co-operation and Development (OECD) 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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