Belize - Industry, value added (% of GDP)

Industry, value added (% of GDP) in Belize was 15.58 as of 2020. Its highest value over the past 42 years was 23.28 in 1980, while its lowest value was 11.99 in 2018.

Definition: Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. 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
1978 22.78
1979 19.99
1980 23.28
1981 20.79
1982 18.46
1983 18.42
1984 20.69
1985 19.22
1986 18.81
1987 21.13
1988 21.16
1989 20.47
1990 19.34
1991 18.95
1992 18.93
1993 19.07
1994 17.79
1995 17.93
1996 18.19
1997 17.47
1998 17.30
1999 16.74
2000 18.54
2001 17.84
2002 17.11
2003 15.16
2004 15.31
2005 15.15
2006 17.69
2007 18.40
2008 19.50
2009 19.12
2010 19.11
2011 20.02
2012 17.87
2013 17.01
2014 16.15
2015 14.12
2016 14.09
2017 13.47
2018 11.99
2019 12.85
2020 15.58

Limitations and Exceptions: Ideally, industrial output should be measured through regular censuses and surveys of firms. But in most developing countries such surveys are infrequent, so earlier survey results must be extrapolated using an appropriate indicator. The choice of sampling unit, which may be the enterprise (where responses may be based on financial records) or the establishment (where production units may be recorded separately), also affects the quality of the data. Moreover, much industrial production is organized in unincorporated or owner-operated ventures that are not captured by surveys aimed at the formal sector. Even in large industries, where regular surveys are more likely, evasion of excise and other taxes and nondisclosure of income lower the estimates of value added. Such problems become more acute as countries move from state control of industry to private enterprise, because new firms and growing numbers of established firms fail to report. In accordance with the System of National Accounts, output should include all such unreported activity as well as the value of illegal activities and other unrecorded, informal, or small-scale operations. Data on these activities need to be collected using techniques other than conventional surveys of firms.

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