Venezuela - Services, value added (% of GDP)

Services, value added (% of GDP) in Venezuela was 51.67 as of 2014. Its highest value over the past 46 years was 61.05 in 1983, while its lowest value was 32.39 in 1990.

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
1968 56.92
1969 60.52
1970 57.75
1971 58.31
1972 60.59
1973 57.08
1974 44.99
1975 53.48
1976 55.42
1977 57.29
1978 60.16
1979 54.93
1980 53.86
1981 56.17
1982 58.45
1983 61.05
1984 37.42
1985 38.11
1986 42.39
1987 38.76
1988 39.83
1989 34.29
1990 32.39
1991 36.07
1992 38.04
1993 40.50
1994 46.94
1995 48.53
1996 42.22
1997 40.34
1998 45.81
1999 45.78
2000 43.08
2001 45.98
2002 43.25
2003 41.52
2004 37.28
2005 35.07
2006 36.35
2007 39.35
2008 38.80
2009 45.91
2010 39.03
2011 38.64
2012 44.87
2013 45.57
2014 51.67

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