Latin America & Caribbean (excluding high income) | Manufacturing, value added (annual % growth)
Annual growth rate for manufacturing value added based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. Manufacturing refers to industries belonging to ISIC divisions 10-33. 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 4. Development relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions. 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.
Publisher
The World Bank
Origin
Latin America & Caribbean (excluding high income)
Records
63
Source
Latin America & Caribbean (excluding high income) | Manufacturing, value added (annual % growth)
1960
1961
1962
1963
1964
1965
1966 6.62498832
1967 4.82907927
1968 8.39509047
1969 8.98757988
1970 6.27530629
1971 6.94122957
1972 8.88547513
1973 10.03899991
1974 6.44937359
1975 2.70878616
1976 5.89471227
1977 3.62051209
1978 3.99559286
1979 7.55954995
1980 5.61474432
1981 -3.45107417
1982 -1.54993623
1983 -4.28591424
1984 4.92929179
1985 4.17215201
1986 4.48959916
1987 2.17186388
1988 -1.05151449
1989 2.36599554
1990 -1.85840024
1991 2.4994622
1992 1.0437279
1993 3.08530053
1994 4.77405539
1995 -1.64393279
1996 4.01802132
1997 6.2038539
1998 2.11841817
1999 -1.12394688
2000 5.39094734
2001 -1.22972468
2002 -1.21835881
2003 2.73088532
2004 6.23019187
2005 3.26677065
2006 4.27669467
2007 4.1446192
2008 2.03449291
2009 -8.27819793
2010 7.82272314
2011 3.94370745
2012 0.80401248
2013 1.61510995
2014 -0.55506801
2015 -0.96323349
2016 -1.45252217
2017 2.18919286
2018 0.91862521
2019 -0.72604773
2020 -7.38102388
2021 8.86357825
2022 3.3655511
Latin America & Caribbean (excluding high income) | Manufacturing, value added (annual % growth)
Annual growth rate for manufacturing value added based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. Manufacturing refers to industries belonging to ISIC divisions 10-33. 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 4. Development relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions. 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.
Publisher
The World Bank
Origin
Latin America & Caribbean (excluding high income)
Records
63
Source