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

Services, value added (% of GDP) in Trinidad and Tobago was 55.82 as of 2019. Its highest value over the past 53 years was 60.08 in 1986, while its lowest value was 35.18 in 2008.

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
1966 55.32
1967 53.47
1968 51.46
1969 53.86
1970 54.78
1971 54.94
1972 53.74
1973 50.71
1974 39.59
1975 40.07
1976 40.52
1977 42.30
1978 45.27
1979 44.23
1980 42.64
1981 46.21
1982 54.80
1983 55.55
1984 54.49
1985 55.89
1986 60.08
1987 57.33
1988 57.19
1989 54.15
1990 48.29
1991 51.04
1992 55.11
1993 54.51
1994 50.04
1995 51.08
1996 51.26
1997 54.39
1998 57.48
1999 56.81
2000 51.47
2001 53.39
2002 55.31
2003 47.74
2004 44.69
2005 39.75
2006 38.04
2007 39.50
2008 35.18
2009 46.53
2010 45.51
2011 42.99
2012 46.79
2013 49.15
2014 50.23
2015 57.38
2016 59.04
2017 58.32
2018 55.41
2019 55.82

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