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

Services, etc., value added (% of GDP) in Panama was 69.16 as of 2016. Its highest value over the past 46 years was 75.44 in 2007, while its lowest value was 62.37 in 1970.

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
1970 62.37
1971 62.63
1972 64.45
1973 63.32
1974 64.56
1975 63.01
1976 64.30
1977 65.51
1978 65.74
1979 66.28
1980 66.45
1981 67.29
1982 67.77
1983 68.95
1984 68.92
1985 66.33
1986 66.58
1987 67.24
1988 69.78
1989 69.94
1990 71.60
1991 69.83
1992 70.66
1993 69.48
1994 70.18
1995 69.68
1996 69.77
1997 71.29
1998 71.44
1999 70.36
2000 71.26
2001 73.23
2002 74.48
2003 73.12
2004 73.48
2005 74.21
2006 74.59
2007 75.44
2008 73.65
2009 74.77
2010 75.17
2011 75.34
2012 73.97
2013 71.01
2014 69.65
2015 69.37
2016 69.16

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