Grenada - Services, value added (% of GDP)

Services, value added (% of GDP) in Grenada was 66.81 as of 2020. Its highest value over the past 43 years was 70.47 in 2012, while its lowest value was 58.86 in 1979.

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
1977 60.07
1978 61.04
1979 58.86
1980 62.54
1981 60.45
1982 60.19
1983 60.85
1984 62.35
1985 62.67
1986 63.01
1987 59.82
1988 59.57
1989 61.51
1990 63.08
1991 61.58
1992 63.54
1993 65.26
1994 65.39
1995 65.25
1996 65.30
1997 64.44
1998 64.78
1999 64.17
2000 64.71
2001 66.74
2002 65.50
2003 64.62
2004 66.40
2005 61.56
2006 63.84
2007 64.99
2008 66.68
2009 69.60
2010 68.37
2011 69.14
2012 70.47
2013 69.74
2014 68.28
2015 66.76
2016 66.93
2017 67.02
2018 66.03
2019 66.86
2020 66.81

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