Trinidad and Tobago - Industry, value added (% of GDP)

Industry, value added (% of GDP) in Trinidad and Tobago was 45.65 as of 2019. Its highest value over the past 53 years was 63.98 in 2008, while its lowest value was 37.34 in 2016.

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
1966 39.49
1967 41.41
1968 43.62
1969 41.83
1970 40.52
1971 40.76
1972 41.05
1973 45.75
1974 58.00
1975 57.97
1976 58.34
1977 57.48
1978 55.46
1979 57.64
1980 59.84
1981 55.55
1982 46.80
1983 46.33
1984 48.36
1985 46.16
1986 41.60
1987 43.88
1988 43.86
1989 47.10
1990 47.48
1991 44.77
1992 42.70
1993 41.40
1994 46.60
1995 44.96
1996 45.14
1997 42.74
1998 38.51
1999 40.63
2000 47.54
2001 45.21
2002 42.91
2003 51.50
2004 54.37
2005 59.65
2006 60.82
2007 59.65
2008 63.98
2009 53.14
2010 53.81
2011 57.05
2012 50.52
2013 48.25
2014 47.61
2015 39.13
2016 37.34
2017 39.69
2018 42.23
2019 45.65

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