St. Kitts and Nevis - Services, value added (% of GDP)

Services, value added (% of GDP) in St. Kitts and Nevis was 64.14 as of 2020. Its highest value over the past 43 years was 70.46 in 1994, while its lowest value was 59.65 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
1977 60.49
1978 62.88
1979 63.10
1980 59.65
1981 64.58
1982 65.59
1983 66.72
1984 67.53
1985 69.89
1986 66.06
1987 64.70
1988 61.96
1989 62.90
1990 62.35
1991 67.48
1992 67.27
1993 67.72
1994 70.46
1995 67.36
1996 67.55
1997 67.90
1998 67.27
1999 66.05
2000 66.94
2001 63.45
2002 63.84
2003 65.91
2004 67.95
2005 68.82
2006 66.85
2007 68.19
2008 67.39
2009 68.05
2010 67.41
2011 66.35
2012 69.59
2013 69.73
2014 67.20
2015 65.88
2016 62.77
2017 61.84
2018 63.21
2019 62.73
2020 64.14

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