Bermuda: Trade in services (% of GDP)

Key figures

What the numbers say

In 2024, Bermuda's trade in services (% of GDP) rose 3.46 percentage points on 2023 (from 31.04% to 34.51%).

Across the 17 yearly changes before that (2007 to 2023), the average change was −0.52 percentage points and a typical year strayed about 3.22 percentage points from that (the standard deviation). This year's change was 1.2 standard deviations above 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 4.32 percentage points in 2018 and the biggest yearly fall was 9.49 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 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 8th highest value of the 30 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

• Djibouti — 5th of 30: 45.82%
• Mauritius — 6th of 30: 43.34%
• Kyrgyz Republic — 7th of 30: 37.14%
• Marshall Islands — 9th of 30: 29.95%
• Namibia — 10th of 30: 27.56%
• Jordan — 11th of 30: 27.21%

What this measures

Total trade in services includes services provided by residents to non-residents plus services provided by non-residents to residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.

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

All 19 values

Trade in services (% of GDP) in nearby economies

• Canada — 14.75% (2025)
• United States — 6.98% (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 trade in services (% of GDP)?

34.51% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is down 5.44 percentage points from 39.95% in 2006. The highest value was 40.21% in 2007 and the lowest 26.32% in 2020.

How does Bermuda rank?

8th highest of 30 economies with data for 2024.

Is the latest change in trade in services (% of GDP) unusual for Bermuda?

In 2024, Bermuda's trade in services (% of GDP) rose 3.46 percentage points on 2023 (from 31.04% to 34.51%). Across the 17 yearly changes before that (2007 to 2023), the average change was −0.52 percentage points and a typical year strayed about 3.22 percentage points from that (the standard deviation). This year's change was 1.2 standard deviations above 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 BG.GSR.NFSV.GD.ZS, licensed CC BY 4.0. Original source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF); World Development Indicators Database, World Bank (WB); National Accounts data files, 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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