Colombia - Services, value added (% of GDP)

Services, value added (% of GDP) in Colombia was 59.54 as of 2020. Its highest value over the past 55 years was 59.54 in 2020, while its lowest value was 45.04 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 or 4.

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

See also:

Year Value
1965 46.46
1966 46.78
1967 45.94
1968 46.19
1969 47.15
1970 47.54
1971 49.27
1972 47.77
1973 45.84
1974 46.11
1975 47.61
1976 46.13
1977 45.04
1978 47.26
1979 49.02
1980 48.83
1981 50.31
1982 50.71
1983 50.81
1984 49.83
1985 48.16
1986 45.58
1987 46.27
1988 46.57
1989 46.76
1990 48.30
1991 48.63
1992 51.22
1993 51.66
1994 52.83
1995 53.93
1996 57.22
1997 58.39
1998 58.92
1999 58.22
2000 57.19
2001 57.16
2002 56.46
2003 54.90
2004 54.15
2005 53.17
2006 52.51
2007 52.95
2008 52.01
2009 53.48
2010 53.40
2011 51.44
2012 51.99
2013 53.35
2014 54.63
2015 56.22
2016 56.90
2017 57.61
2018 57.65
2019 58.10
2020 59.54

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