Bermuda's services, value added (current LCU) was 8.4 billion in 2024, the latest year in the World Bank's World Development Indicators. That is up 44.13% from 5.82 billion in 2014 (3.72% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 8.4 billion | 2024 |
| Five years earlier | 6.62 billion | 2019 |
| Ten years earlier | 5.82 billion | 2014 |
| Highest | 8.4 billion | 2024 |
| Lowest | 5.67 billion | 2011 |
| Average since 2015 | 6.79 billion | 2015–2024 |
| First recorded | 5.9 billion |
What the numbers say
In 2024, Bermuda's services, value added (current LCU) rose 6.7% on 2023 (from 7.87 billion to 8.4 billion).
Across the 13 yearly changes before that (2011 to 2023), the average change was +2.3% and a typical year strayed about 4.5% from that (the standard deviation). This year's change was 1.0 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 11.9% in 2023 and the biggest yearly fall was 6% 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 2015 to 2024 the straight-line trend is upward, about 218.52 million a year. A straight line explains 73% 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 21st highest value of the 31 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
- Barbados — 18th of 31: 11.52 billion
- West Bank and Gaza — 19th of 31: 9.64 billion
- Monaco — 20th of 31: 8.96 billion
- Solomon Islands — 22nd of 31: 6.28 billion
- Cayman Islands — 23rd of 31: 5.6 billion
- Curaçao — 24th of 31: 4.61 billion
What this measures
Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. 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 series is expressed in local currency units.
All 15 values
| Year | Services, value added (current LCU) |
|---|---|
| 2024 | 8,395,473,000 |
| 2023 | 7,869,629,000 |
| 2022 | 7,031,740,000 |
| 2021 | 6,597,237,000 |
| 2020 | 6,221,630,000 |
| 2019 | 6,617,661,000 |
| 2018 | 6,475,693,000 |
| 2017 | 6,407,248,000 |
| 2016 | 6,219,047,000 |
| 2015 | 6,016,445,000 |
| 2014 |
Services, value added (current LCU) in nearby economies
- Canada — 1.84 trillion (2022)
- United States — 18.09 trillion (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
Questions people ask
- What is Bermuda's services, value added (current LCU)?
- 8.4 billion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 2010?
- It is up 42.31% from 5.9 billion in 2010 (2.55% a year on average, compounded). The highest value was 8.4 billion in 2024 and the lowest 5.67 billion in 2011.
- How does Bermuda rank?
- 21st highest of 31 economies with data for 2024.
- Is the latest change in services, value added (current LCU) unusual for Bermuda?
- In 2024, Bermuda's services, value added (current LCU) rose 6.7% on 2023 (from 7.87 billion to 8.4 billion). Across the 13 yearly changes before that (2011 to 2023), the average change was +2.3% and a typical year strayed about 4.5% from that (the standard deviation). This year's change was 1.0 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 NV.SRV.TOTL.CN, 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.
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.
Legal entity
Devansh Yadav
Moradabad, Uttar Pradesh
Governing law: Courts at Moradabad, Uttar Pradesh
Phone: +91 8433475698
Legal: legal@analyzeit.in