Grenada - Services, value added (constant 2010 US$)

The latest value for Services, value added (constant 2010 US$) in Grenada was 643,754,200 as of 2020. Over the past 43 years, the value for this indicator has fluctuated between 741,872,600 in 2019 and 173,856,500 in 1977.

Definition: Services correspond to ISIC divisions 50-99. 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. Data are in constant 2010 U.S. dollars.

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

See also:

Year Value
1977 173,856,500
1978 189,464,700
1979 196,166,300
1980 199,702,400
1981 197,631,900
1982 208,485,100
1983 220,573,300
1984 229,431,100
1985 244,083,700
1986 269,569,300
1987 285,713,200
1988 288,704,400
1989 298,264,900
1990 315,827,600
1991 321,979,100
1992 323,694,800
1993 323,092,300
1994 331,108,200
1995 335,361,000
1996 347,623,700
1997 360,879,500
1998 407,434,500
1999 435,288,100
2000 456,808,800
2001 463,231,100
2002 479,658,100
2003 513,395,100
2004 520,124,000
2005 547,946,600
2006 552,617,900
2007 603,377,200
2008 621,073,800
2009 601,121,900
2010 591,036,600
2011 599,543,100
2012 603,242,700
2013 611,048,500
2014 645,774,300
2015 665,630,100
2016 683,018,000
2017 709,299,100
2018 727,203,100
2019 741,872,600
2020 643,754,200

Development Relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions.

Limitations and Exceptions: In the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult.

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: Gap-filled total

Base Period: 2010

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts