Belize - Services, value added (% of GDP)

Services, value added (% of GDP) in Belize was 66.28 as of 2020. Its highest value over the past 42 years was 66.28 in 2020, while its lowest value was 40.65 in 1978.

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
1978 40.65
1979 43.15
1980 43.86
1981 49.26
1982 55.69
1983 56.69
1984 54.36
1985 55.71
1986 55.24
1987 50.76
1988 49.74
1989 51.65
1990 51.83
1991 53.24
1992 54.43
1993 54.84
1994 55.41
1995 55.15
1996 54.56
1997 55.60
1998 56.14
1999 57.96
2000 56.40
2001 58.57
2002 59.87
2003 61.03
2004 61.02
2005 61.93
2006 59.91
2007 60.43
2008 60.09
2009 61.55
2010 60.27
2011 59.28
2012 59.33
2013 59.17
2014 59.49
2015 60.07
2016 61.64
2017 62.46
2018 65.79
2019 64.40
2020 66.28

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