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

Services, etc., value added (% of GDP) in Cyprus was 86.51 as of 2016. Its highest value over the past 41 years was 87.23 in 2014, while its lowest value was 55.26 in 1976.

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
1975 59.11
1976 55.26
1977 55.80
1978 55.95
1979 56.54
1980 56.77
1981 58.33
1982 59.87
1983 62.01
1984 62.03
1985 64.02
1986 65.08
1987 65.07
1988 65.32
1989 66.49
1990 67.21
1991 67.07
1992 68.72
1993 69.71
1994 71.71
1995 72.79
1996 73.04
1997 74.44
1998 74.62
1999 75.83
2000 76.59
2001 76.54
2002 75.90
2003 75.92
2004 75.96
2005 76.39
2006 76.92
2007 76.57
2008 76.85
2009 79.59
2010 80.90
2011 83.23
2012 84.95
2013 86.49
2014 87.23
2015 86.80
2016 86.51

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