St. Vincent and the Grenadines - Industry, value added (constant 2010 US$)

The latest value for Industry, value added (constant 2010 US$) in St. Vincent and the Grenadines was 111,494,200 as of 2020. Over the past 43 years, the value for this indicator has fluctuated between 137,206,800 in 2007 and 34,411,250 in 1977.

Definition: Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. 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 origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. 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 34,411,250
1978 39,190,330
1979 46,165,540
1980 48,466,350
1981 49,600,020
1982 51,521,840
1983 53,140,280
1984 55,703,260
1985 57,132,250
1986 63,320,440
1987 69,544,980
1988 73,378,040
1989 81,036,920
1990 77,637,050
1991 80,209,260
1992 88,805,490
1993 90,250,870
1994 92,090,880
1995 94,686,860
1996 93,522,000
1997 99,683,900
1998 104,352,900
1999 103,007,300
2000 94,463,400
2001 95,984,860
2002 99,498,470
2003 112,697,100
2004 119,244,100
2005 123,138,100
2006 129,100,300
2007 137,206,800
2008 129,604,300
2009 122,344,100
2010 117,104,600
2011 115,488,000
2012 113,110,700
2013 115,297,800
2014 110,400,700
2015 116,296,300
2016 115,868,400
2017 119,957,300
2018 123,523,200
2019 116,629,100
2020 111,494,200

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: Ideally, industrial output should be measured through regular censuses and surveys of firms. But in most developing countries such surveys are infrequent, so earlier survey results must be extrapolated using an appropriate indicator. The choice of sampling unit, which may be the enterprise (where responses may be based on financial records) or the establishment (where production units may be recorded separately), also affects the quality of the data. Moreover, much industrial production is organized in unincorporated or owner-operated ventures that are not captured by surveys aimed at the formal sector. Even in large industries, where regular surveys are more likely, evasion of excise and other taxes and nondisclosure of income lower the estimates of value added. Such problems become more acute as countries move from state control of industry to private enterprise, because new firms and growing numbers of established firms fail to report. In accordance with the System of National Accounts, output should include all such unreported activity as well as the value of illegal activities and other unrecorded, informal, or small-scale operations. Data on these activities need to be collected using techniques other than conventional surveys of firms.

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

General Comments: Note: Data for OECD countries are based on ISIC, revision 4.

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts