Bermuda - Agriculture, value added (% of GDP)
Agriculture, value added (% of GDP) in Bermuda was 0.219 as of 2019. Its highest value over the past 23 years was 0.844 in 2004, while its lowest value was 0.211 in 2014.
Definition: Agriculture corresponds to ISIC divisions 1-5 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.
Source: World Bank national accounts data, and OECD National Accounts data files.
See also:
| Year | Value |
|---|---|
| 1996 | 0.800 |
| 1997 | 0.800 |
| 1998 | 0.700 |
| 1999 | 0.700 |
| 2000 | 0.669 |
| 2001 | 0.692 |
| 2002 | 0.795 |
| 2003 | 0.822 |
| 2004 | 0.844 |
| 2005 | 0.802 |
| 2010 | 0.286 |
| 2011 | 0.313 |
| 2012 | 0.281 |
| 2013 | 0.328 |
| 2014 | 0.211 |
| 2015 | 0.228 |
| 2016 | 0.307 |
| 2017 | 0.275 |
| 2018 | 0.235 |
| 2019 | 0.219 |
Limitations and Exceptions: Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money. Agricultural production often must be estimated indirectly, using a combination of methods involving estimates of inputs, yields, and area under cultivation. This approach sometimes leads to crude approximations that can differ from the true values over time and across crops for reasons other than climate conditions or farming techniques. Similarly, agricultural inputs that cannot easily be allocated to specific outputs are frequently "netted out" using equally crude and ad hoc approximations.
Statistical Concept and Methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.
Aggregation method: Weighted average
Periodicity: Annual
General Comments: Note: Data for OECD countries are based on ISIC, revision 4.
Classification
Topic: Economic Policy & Debt Indicators
Sub-Topic: National accounts
