Colombia - Services, etc., value added (% of GDP)

Services, etc., value added (% of GDP) in Colombia was 60.29 as of 2016. Its highest value over the past 51 years was 61.66 in 2001, while its lowest value was 43.49 in 1977.

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. Note: For VAB countries, gross value added at factor cost is used as the denominator.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1965 43.77
1966 45.13
1967 44.91
1968 45.14
1969 45.54
1970 46.02
1971 47.59
1972 46.10
1973 44.24
1974 44.51
1975 45.78
1976 44.39
1977 43.49
1978 45.80
1979 47.74
1980 47.60
1981 48.71
1982 48.93
1983 48.53
1984 48.19
1985 47.01
1986 44.65
1987 45.28
1988 45.04
1989 45.15
1990 45.36
1991 45.43
1992 49.25
1993 50.12
1994 52.49
1995 53.02
1996 55.42
1997 56.92
1998 57.37
1999 57.44
2000 61.63
2001 61.66
2002 61.04
2003 59.59
2004 59.00
2005 58.77
2006 58.12
2007 58.48
2008 57.00
2009 58.04
2010 57.94
2011 55.57
2012 55.89
2013 56.79
2014 58.09
2015 59.95
2016 60.29

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.

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