St. Vincent and the Grenadines - Services, value added (% of GDP)

Services, value added (% of GDP) in St. Vincent and the Grenadines was 62.51 as of 2020. Its highest value over the past 43 years was 66.10 in 2005, while its lowest value was 54.04 in 1988.

Definition: Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. 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 industrial 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
1977 63.40
1978 60.20
1979 59.94
1980 62.85
1981 60.60
1982 59.99
1983 61.54
1984 59.26
1985 57.62
1986 56.39
1987 57.16
1988 54.04
1989 56.10
1990 56.82
1991 58.76
1992 57.70
1993 60.13
1994 62.45
1995 60.52
1996 61.59
1997 62.21
1998 61.63
1999 62.65
2000 63.17
2001 64.53
2002 65.26
2003 65.41
2004 65.47
2005 66.10
2006 64.89
2007 63.23
2008 63.14
2009 62.68
2010 63.20
2011 64.22
2012 64.89
2013 64.74
2014 64.38
2015 63.73
2016 62.90
2017 62.29
2018 61.82
2019 62.74
2020 62.51

Limitations and Exceptions: In the services industry the many self-employed workers and one-person businesses are sometimes difficult to locate, and they have little incentive to respond to surveys, let alone to report their full earnings. Compounding these problems are the many forms of economic activity that go unrecorded, including the work that women and children do for little or no pay.

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. Financial intermediation services indirectly measured (FISIM) is an indirect measure of the value of financial intermediation services (i.e. output) provided but for which financial institutions do not charge explicitly as compared to explicit bank charges. Although the 1993 SNA recommends that the FISIM are allocated as intermediate and final consumption to the users, many countries still make a global (negative) adjustment to the sum of gross value added.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts