Panama - Industry, value added (% of GDP)

Industry, value added (% of GDP) in Panama was 22.89 as of 2020. Its highest value over the past 50 years was 27.95 in 2019, while its lowest value was 16.99 in 2007.

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 or 4.

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

See also:

Year Value
1970 25.26
1971 25.28
1972 24.17
1973 25.89
1974 25.90
1975 27.62
1976 25.94
1977 24.11
1978 24.56
1979 24.67
1980 25.22
1981 24.56
1982 24.62
1983 22.96
1984 23.39
1985 25.77
1986 24.93
1987 24.26
1988 21.66
1989 20.83
1990 19.39
1991 21.58
1992 21.47
1993 22.67
1994 22.13
1995 22.60
1996 22.56
1997 21.35
1998 21.02
1999 22.46
2000 21.55
2001 19.20
2002 17.93
2003 18.99
2004 19.11
2005 18.72
2006 18.78
2007 16.99
2008 19.01
2009 18.42
2010 18.38
2011 18.98
2012 20.66
2013 24.06
2014 25.34
2015 26.05
2016 26.82
2017 27.65
2018 27.75
2019 27.95
2020 22.89

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: 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