Panama - Services, value added (% of GDP)

Services, value added (% of GDP) in Panama was 70.05 as of 2020. Its highest value over the past 50 years was 73.45 in 2007, while its lowest value was 59.79 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 or 4.

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

See also:

Year Value
1970 59.79
1971 60.09
1972 61.98
1973 61.06
1974 62.24
1975 61.17
1976 62.50
1977 63.73
1978 63.87
1979 64.32
1980 64.61
1981 65.45
1982 65.99
1983 67.05
1984 66.87
1985 64.28
1986 64.29
1987 65.03
1988 68.35
1989 68.25
1990 69.24
1991 67.74
1992 68.35
1993 66.61
1994 67.30
1995 66.85
1996 66.93
1997 68.69
1998 68.66
1999 67.60
2000 69.02
2001 71.04
2002 71.84
2003 70.35
2004 70.82
2005 71.24
2006 72.07
2007 73.45
2008 71.79
2009 72.97
2010 72.91
2011 72.60
2012 71.34
2013 68.07
2014 66.57
2015 65.83
2016 64.98
2017 64.60
2018 64.87
2019 65.01
2020 70.05

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