Services sector's share of GDP in LatAm by country

In 2023, the Bahamas was the country with the highest share of value added by the services industry to gross domestic product (GDP). Approximately 89 percent of the total value added to these islands' GDP was generated by the services sector. In turn, Paraguay, Haiti, and Nicaragua had the lowest shares, with less than 50 percent.

The services industry comprises wholesale and retail trade (including hotels and restaurants), transportation, governmental, financial, professional, and personal services such as education, health care, and real estate.
The added value is calculated by subtracting the cost of intermediate goods and services from the sector's total GDP.

Share of value added by the services industry to gross domestic product (GDP) in Latin America and the Caribbean in 2023, by country or territory

Characteristic	Share of GDP
Sint Marteen**	89.3%
Bahamas	88.8%
Cayman Islands*	85.4%
Turks and Caicos Islands***	77.9%
Curaçao*	74.6%
Cuba*	74.6%
St. Lucia	74.1%
Costa Rica	68%
Panama	67.9%
Antigua and Barbuda	67.8%
Uruguay	66.3%
St. Kitts and Nevis	64.9%
Grenada	64.3%
St. Vincent and the Grenadines	64.2%
Belize	63%
Guatemala	62.4%
Jamaica	60.1%
El Salvador	59.9%
Ecuador	59.7%
Brazil	58.9%
Dominica	58.5%
Mexico	58.3%
Honduras	57.4%
Colombia	56.9%
Chile	56.9%
Dominican Republic	56%
Argentina	52.8%
Bolivia	51.3%
Puerto Rico	50.6%
Peru*	49.6%
Paraguay	49%
Trinidad and Tobago*	47.8%
Haiti	47.8%
Nicaragua	46.3%
Suriname*	44.7%
Guyana*	19.3%

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Release date

September 2024

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Region

LAC

Survey time period

2021 or latest year available

Supplementary notes

* Data is from 2022.
** Data is from 2021
*** Data is from 2016.
No recent data available for Barbados and Venezuela.

Data represents the share of value added in wholesale and retail trade (including hotels and restaurants), transport, 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.

Figures have been rounded.

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