Venezuela - Manufacturing, value added (% of GDP)

Manufacturing, value added (% of GDP) in Venezuela was 12.07 as of 2014. Its highest value over the past 46 years was 21.13 in 1997, while its lowest value was 11.51 in 2013.

Definition: Manufacturing refers to industries belonging to ISIC divisions 15-37. 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. Note: For VAB countries, gross value added at factor cost is used as the denominator.

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

See also:

Year Value
1968 16.79
1969 16.78
1970 17.00
1971 17.65
1972 17.57
1973 17.79
1974 19.64
1975 17.27
1976 18.29
1977 17.34
1978 17.18
1979 18.23
1980 17.67
1981 16.51
1982 17.46
1983 17.88
1984 16.23
1985 16.84
1986 19.00
1987 17.03
1988 17.14
1989 15.63
1990 14.24
1991 14.73
1992 14.15
1993 13.87
1994 13.56
1995 13.79
1996 12.43
1997 21.13
1998 19.03
1999 17.70
2000 18.53
2001 16.99
2002 16.44
2003 17.12
2004 16.46
2005 15.08
2006 13.91
2007 13.34
2008 12.84
2009 13.62
2010 11.90
2011 11.65
2012 11.77
2013 11.51
2014 12.07

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