Philippines - Services, value added (% of GDP)

Services, value added (% of GDP) in Philippines was 61.42 as of 2020. Its highest value over the past 60 years was 61.42 in 2020, while its lowest value was 33.86 in 1977.

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
1960 41.68
1961 41.17
1962 41.33
1963 40.10
1964 41.36
1965 41.29
1966 41.47
1967 40.67
1968 39.86
1969 39.59
1970 38.21
1971 36.97
1972 36.59
1973 34.91
1974 34.05
1975 34.21
1976 34.04
1977 33.86
1978 34.29
1979 34.41
1980 35.26
1981 35.08
1982 36.88
1983 37.38
1984 36.49
1985 39.57
1986 40.67
1987 40.75
1988 40.98
1989 41.50
1990 42.67
1991 44.00
1992 44.43
1993 44.79
1994 44.58
1995 45.41
1996 46.32
1997 47.89
1998 50.37
1999 51.25
2000 51.08
2001 51.80
2002 51.77
2003 52.31
2004 52.40
2005 52.67
2006 53.18
2007 53.39
2008 52.72
2009 53.94
2010 53.91
2011 54.57
2012 55.50
2013 56.75
2014 56.68
2015 58.52
2016 59.51
2017 59.69
2018 59.79
2019 60.85
2020 61.42

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