Venezuela - Industry, value added (% of GDP)

Industry, value added (% of GDP) in Venezuela was 37.24 as of 2014. Its highest value over the past 46 years was 58.26 in 1974, while its lowest value was 37.24 in 2014.

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
1968 44.64
1969 41.95
1970 41.63
1971 43.08
1972 43.17
1973 47.61
1974 58.26
1975 51.18
1976 51.25
1977 50.64
1978 49.58
1979 51.89
1980 51.16
1981 49.19
1982 45.64
1983 42.32
1984 46.77
1985 45.19
1986 47.38
1987 45.19
1988 48.67
1989 53.44
1990 57.75
1991 53.49
1992 51.49
1993 48.66
1994 40.87
1995 37.65
1996 44.76
1997 46.35
1998 40.57
1999 41.94
2000 46.40
2001 42.91
2002 46.65
2003 48.84
2004 51.11
2005 53.09
2006 51.93
2007 49.28
2008 50.61
2009 40.81
2010 48.41
2011 48.63
2012 45.16
2013 44.73
2014 37.24

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