St. Vincent and the Grenadines - Industry, value added (% of GDP)

Industry, value added (% of GDP) in St. Vincent and the Grenadines was 13.71 as of 2020. Its highest value over the past 43 years was 19.25 in 1998, while its lowest value was 13.71 in 2020.

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 or 4.

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

See also:

Year Value
1977 14.22
1978 15.22
1979 16.78
1980 16.89
1981 16.68
1982 16.53
1983 16.52
1984 15.91
1985 15.93
1986 16.78
1987 17.20
1988 17.29
1989 17.79
1990 16.39
1991 17.07
1992 17.94
1993 18.38
1994 18.93
1995 17.96
1996 17.62
1997 19.03
1998 19.25
1999 17.85
2000 17.10
2001 16.84
2002 15.59
2003 16.21
2004 16.80
2005 16.38
2006 16.46
2007 17.91
2008 16.02
2009 16.20
2010 16.47
2011 15.67
2012 15.18
2013 15.35
2014 14.76
2015 15.40
2016 14.78
2017 15.01
2018 14.97
2019 13.96
2020 13.71

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: Weighted average

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