Bermuda profile

Demography and Health

Bermuda is a very small population center, with total residents around 64,636 in 2024, placing it near the bottom of global population rankings. The small population underpins Bermuda's high per-capita economic indicators but also highlights sensitivity to migration and demographic shifts. The natural pace of population growth appears marginally negative, as crude birth rate stands at 8.05 per 1,000 people in 2023 while the crude death rate is 8.86 per 1,000, suggesting a natural decrease absent of migration. In parallel, net migration in 2024 is negative at about -5.0 per 1,000 people, reinforcing population stagnation or decline unless offset by other demographic factors such as aging or policy shifts. Life expectancy is high—82.3 years at birth in 2023—signaling strong health outcomes and effective healthcare systems. Taken together, Bermuda’s demography points to a mature population with substantial reliance on international mobility to sustain labor force needs, and a health system capable of delivering long, healthy lives for its residents.

Economy

Bermuda’s economic profile is characterized by extremely high income levels, with GDP per capita (current US$) at 138,935 in 2024, placing it among the wealthier economies by this metric. The GDP per capita, PPP at 119,719 international dollars reinforces the sense of a high standard of living and substantial purchasing power for residents, supported by a service-oriented economy rather than broad manufacturing. The economy is highly open and dominated by services, as evidenced by exports of goods and services constituting 56.3% of GDP in 2024. By contrast, imports account for 24.2% of GDP, indicating Bermuda maintains a tightly scoped external sector with a focus on service imports and capital inflows rather than large-scale manufacturing. Bermuda’s current account balance is robust, at 15.4% of GDP in 2023, rank 7 globally, reflecting a substantial surplus often associated with a sophisticated financial services sector and tourism-related earnings. The economy also shows a modest orientation toward high-technology exports (2.0 million US$ in current terms, 2023), but this is a relatively small absolute figure given Bermuda’s size and does not significantly tilt the economy toward manufacturing or tech production. Foreign direct investment net inflows stand at 1.76% of GDP in 2023, ranking 108, indicating moderate inward investment in a mature, highly regulated market. Overall, Bermuda’s economy sits at the intersection of high wealth, strong external accounts, and a service-dominated base with room for diversification beyond traditional financial services.

Trade and Investment

In trade terms, Bermuda operates with a distinctly service-centric profile. Exports of goods and services as a share of GDP reach 56.3% in 2024, underscoring the importance of services—particularly financial, insurance, and professional services—in external performance. Imports of goods and services amount to 24.2% of GDP in 2024, suggesting an economy that relies on external inputs primarily for services and certain goods, rather than a reliance on manufacturing-intensive trade. The current account balance stands out at 15.4% of GDP in 2023, indicating a sizable surplus that helps fund domestic consumption, investment, and external obligations, a hallmark of a financially integrated, service-led economy. FDI net inflows are 1.76% of GDP (2023), reflecting a moderate level of foreign investment that supports Bermuda’s established financial services sector but also hints at limited diversification into manufacturing or other sectors. Bermuda’s high-technology exports, while present (about 1.78 million US$ in 2023), are relatively small in absolute terms and rank 125 globally, suggesting that innovation and tech activity may be incremental rather than a defining export driver. Taken together, Bermuda's trade and investment profile emphasizes services, financial intermediation, and a favorable external position, with ongoing opportunities to deepen high-value investment and broaden export engines beyond traditional financial services.

Governance and Institutions

On governance, Bermuda shows a set of robust institutional indicators. Political stability and absence of violence/terrorism score 1.02 in 2023, ranking 23rd globally, signaling a strong and predictable security environment for residents and investors. Regulatory quality is high (0.931) with a world rank of 40, while the rule of law sits at 0.684 with rank 48. Control of corruption stands at 1.25 (rank 27), and government effectiveness at 1.2 (rank 26). These scores collectively point to a well-functioning state with credible regulatory frameworks, reliable public services, and relatively low corruption—factors attractive to business and residents alike. In a small, high-income economy, such governance strengths can be particularly important for maintaining investor confidence, ensuring rule-based decision-making, and enabling stable policy environments. The combination of political stability, governance quality, and effectiveness helps Bermuda sustain its service-driven economy while managing external exposure and regulatory risk associated with international financial activities.

Infrastructure and Technology

Infrastructure and technology in Bermuda reflect its small, high-income service economy. The presence of high-technology exports—1.78 million US$ in 2023—measured against a modest absolute scale indicates that domestic production of high-tech goods is limited, consistent with a focus on financial services and tourism rather than broad manufacturing. The renewable energy share of total final energy consumption is 0.9% as of 2022, suggesting heavy reliance on imported energy sources and limited deployment of renewables within the energy mix. This low share of renewables may reflect Bermuda’s geographic and economic constraints, including the costs and logistics of integrating large-scale renewable capacity on a small island. However, the strong economic resources and high per-capita income provide the capital potential to invest in energy diversification and smart infrastructure. In terms of overall infrastructure, Bermuda benefits from high levels of human capital, financial market sophistication, and regulatory frameworks—factors that enable advanced digital services, secure connectivity, and efficient business operations, even as the island continues to import most of its energy and manufactured inputs. The data imply opportunities to accelerate technology adoption, digital infrastructure, and energy transition initiatives to reduce reliance on imported fuels while maintaining service sector competitiveness.

Environment and Sustainability

Environmentally, Bermuda exhibits a moderate per-capita greenhouse gas footprint, with total greenhouse gas emissions excluding LULUCF at 5.85 t CO2e per capita in 2023, ranking 71st globally. This per-capita level is relatively high for a small island but reflects Bermuda’s energy profile and transportation demands as a service-oriented economy with global travel and shipping lanes. Renewable energy consumption remains very low at 0.9% of total final energy consumption (2022), indicating substantial potential for decarbonization through diversification of energy sources, energy efficiency measures, and increased deployment of solar, wind, or other low-carbon technologies. Given Bermuda’s vulnerability to climate-related threats such as sea-level rise, the data underscore the imperative to accelerate sustainability initiatives, including investment in resilient infrastructure, energy diversification, and policies that reduce emissions from transportation and built environments. The governance and financial capability evident in Bermuda’s economy position it well to implement ambitious sustainability programs while maintaining the high standard of living its population enjoys today.