Bermuda's 2023 GDP was composed predominantly of the services sector at 77.74%, indicating its substantial role in the economy. The wholesale, retail trade, restaurants, and hotels sector followed at 11.54%, while transport, storage, and communication contributed 4.32%. Construction represented 3.32%, with mining, manufacturing, and utilities at 2.26%. Agriculture, hunting, forestry, and fishing had a minimal impact at 0.82%. Year-on-year variations suggest growth in services, with a CAGR over the past five years indicating stability, while other sectors show minor fluctuations.
Future trends to watch include:
- The continued growth and possible diversification in the services sector.
- Potential fluctuation in tourism-related sectors impacting wholesale, retail, trade, restaurants, and hotels.
- Technological advancements affecting transport, storage, and communication.
- Infrastructure projects contributing to the construction sector.
- Environmental policies potentially impacting agriculture and fishing industries.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 77.74 | 2016 | |
| 2 | 2 Wholesale, retail trade, restaurants and hotels | 11.54 | 2016 | |
| 3 | 3 Transport, storage and communication | 4.32 | 2016 | |
| 4 | 4 Construction | 3.32 | 2016 | |
| 5 | 5 Mining, Manufacturing, Utilities | 2.26 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 0.82 | 2016 |
