Lesotho - Industry, value added (constant 2010 US$)

The latest value for Industry, value added (constant 2010 US$) in Lesotho was 722,623,900 as of 2020. Over the past 50 years, the value for this indicator has fluctuated between 896,552,200 in 2012 and 33,831,710 in 1970.

Definition: Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. 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 origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Data are in constant 2010 U.S. dollars.

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

See also:

Year Value
1970 33,831,710
1971 37,828,240
1972 37,953,180
1973 46,838,080
1974 53,410,910
1975 52,745,400
1976 61,269,930
1977 68,402,500
1978 64,854,280
1979 68,802,070
1980 76,756,820
1981 70,385,710
1982 100,180,900
1983 85,986,450
1984 96,532,110
1985 100,220,700
1986 102,809,100
1987 109,228,600
1988 142,512,700
1989 172,110,000
1990 202,952,500
1991 300,722,400
1992 335,154,100
1993 348,774,900
1994 380,881,200
1995 425,518,600
1996 457,432,800
1997 447,366,300
1998 454,953,300
1999 480,814,400
2000 549,815,200
2001 581,353,800
2002 618,473,400
2003 665,147,800
2004 665,921,000
2005 681,284,500
2006 725,230,000
2007 754,510,100
2008 819,617,000
2009 769,058,300
2010 825,999,200
2011 852,120,500
2012 896,552,200
2013 803,297,800
2014 766,140,300
2015 796,126,400
2016 811,847,500
2017 785,381,500
2018 814,009,900
2019 803,402,000
2020 722,623,900

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: Ideally, industrial output should be measured through regular censuses and surveys of firms. But in most developing countries such surveys are infrequent, so earlier survey results must be extrapolated using an appropriate indicator. The choice of sampling unit, which may be the enterprise (where responses may be based on financial records) or the establishment (where production units may be recorded separately), also affects the quality of the data. Moreover, much industrial production is organized in unincorporated or owner-operated ventures that are not captured by surveys aimed at the formal sector. Even in large industries, where regular surveys are more likely, evasion of excise and other taxes and nondisclosure of income lower the estimates of value added. Such problems become more acute as countries move from state control of industry to private enterprise, because new firms and growing numbers of established firms fail to report. In accordance with the System of National Accounts, output should include all such unreported activity as well as the value of illegal activities and other unrecorded, informal, or small-scale operations. Data on these activities need to be collected using techniques other than conventional surveys of firms.

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

General Comments: Note: Data for OECD countries are based on ISIC, revision 4.

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts