Caribbean small states - Industry, value added (% of GDP)

Industry, value added (% of GDP) in Caribbean small states was 26.58 as of 2019. Its highest value over the past 53 years was 57.94 in 1980, while its lowest value was 21.84 in 1998.

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
1966 28.55
1967 29.92
1968 31.62
1969 29.52
1970 27.42
1971 27.50
1972 27.02
1973 30.93
1974 42.82
1975 41.77
1976 42.11
1977 44.47
1978 47.40
1979 53.07
1980 57.94
1981 54.35
1982 47.77
1983 44.65
1984 48.91
1985 45.43
1986 33.16
1987 32.34
1988 30.71
1989 29.27
1990 30.70
1991 30.96
1992 30.55
1993 25.06
1994 26.71
1995 26.23
1996 25.76
1997 23.48
1998 21.84
1999 22.12
2000 24.57
2001 23.59
2002 22.92
2003 26.52
2004 28.39
2005 31.16
2006 32.51
2007 32.65
2008 36.83
2009 29.00
2010 30.43
2011 32.71
2012 30.16
2013 29.56
2014 29.11
2015 24.70
2016 24.00
2017 25.11
2018 26.06
2019 26.58

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