Singapore - Services, value added (% of GDP)

Services, value added (% of GDP) in Singapore was 70.95 as of 2020. Its highest value over the past 60 years was 74.55 in 1961, while its lowest value was 59.90 in 1980.

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 74.52
1961 74.55
1962 73.87
1963 73.44
1964 70.50
1965 69.20
1966 68.86
1967 68.96
1968 68.09
1969 67.30
1970 65.02
1971 64.11
1972 62.16
1973 62.64
1974 63.12
1975 63.08
1976 62.41
1977 62.55
1978 63.16
1979 61.50
1980 59.90
1981 60.51
1982 61.82
1983 60.69
1984 60.03
1985 63.14
1986 62.62
1987 62.86
1988 61.54
1989 62.33
1990 64.18
1991 62.82
1992 62.46
1993 62.01
1994 61.83
1995 61.62
1996 62.08
1997 62.63
1998 62.72
1999 63.07
2000 60.66
2001 63.59
2002 63.98
2003 64.35
2004 63.07
2005 64.07
2006 64.88
2007 66.04
2008 68.35
2009 68.01
2010 67.84
2011 69.02
2012 69.21
2013 70.76
2014 70.34
2015 69.95
2016 70.63
2017 70.33
2018 69.23
2019 70.67
2020 70.95

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