St. Kitts and Nevis - Services, value added (constant 2010 US$)

The latest value for Services, value added (constant 2010 US$) in St. Kitts and Nevis was 593,568,400 as of 2020. Over the past 43 years, the value for this indicator has fluctuated between 683,741,600 in 2019 and 119,384,100 in 1977.

Definition: Services correspond to ISIC divisions 50-99. 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. Data are in constant 2010 U.S. dollars.

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

See also:

Year Value
1977 119,384,100
1978 124,039,200
1979 131,969,400
1980 138,396,200
1981 143,754,100
1982 149,371,700
1983 151,633,200
1984 170,794,500
1985 188,222,300
1986 207,272,800
1987 216,169,900
1988 230,965,600
1989 241,753,700
1990 257,673,800
1991 271,890,400
1992 284,935,700
1993 302,316,700
1994 321,818,700
1995 325,570,800
1996 342,883,700
1997 364,370,300
1998 356,772,300
1999 362,700,800
2000 385,469,400
2001 382,765,000
2002 391,823,800
2003 397,024,100
2004 425,218,700
2005 468,822,300
2006 495,398,500
2007 515,539,300
2008 546,561,900
2009 538,422,900
2010 551,847,300
2011 559,884,000
2012 560,586,800
2013 575,642,400
2014 601,498,800
2015 608,155,600
2016 632,955,700
2017 634,200,800
2018 659,846,300
2019 683,741,600
2020 593,568,400

Development Relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions.

Limitations and Exceptions: In the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult.

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: Gap-filled total

Base Period: 2010

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts