In 2021, the Cayman Islands was the territory with the highest share of value added by the services industry to gross domestic product (GDP). Approximately 87 percent of the total value added to these islands' GDP was generated by the services sector. In turn, Nicaragua, Puerto Rico, Paraguay, and Guyana 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 2021, by country or territory
* Data is from 2020.
** Data is from 2017.
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.
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World Bank. (March 9, 2022). Share of value added by the services industry to gross domestic product (GDP) in Latin America and the Caribbean in 2021, by country or territory [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1070516/latin-america-caribbean-services-sector-share-gdp-country/
World Bank. "Share of value added by the services industry to gross domestic product (GDP) in Latin America and the Caribbean in 2021, by country or territory." Chart. March 9, 2022. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1070516/latin-america-caribbean-services-sector-share-gdp-country/
World Bank. (2022). Share of value added by the services industry to gross domestic product (GDP) in Latin America and the Caribbean in 2021, by country or territory. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1070516/latin-america-caribbean-services-sector-share-gdp-country/
World Bank. "Share of Value Added by The Services Industry to Gross Domestic Product (Gdp) in Latin America and The Caribbean in 2021, by Country or Territory." Statista, Statista Inc., 9 Mar 2022, https://www.statista.com/statistics/1070516/latin-america-caribbean-services-sector-share-gdp-country/
World Bank, Share of value added by the services industry to gross domestic product (GDP) in Latin America and the Caribbean in 2021, by country or territory Statista, https://www.statista.com/statistics/1070516/latin-america-caribbean-services-sector-share-gdp-country/ (last visited August 25, 2024)
Share of value added by the services industry to gross domestic product (GDP) in Latin America and the Caribbean in 2021, by country or territory [Graph], World Bank, March 9, 2022. [Online]. Available: https://www.statista.com/statistics/1070516/latin-america-caribbean-services-sector-share-gdp-country/