Latin America & Caribbean | Industry (including construction), value added (annual % growth)
Annual growth rate for industrial (including construction) value added based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. Industry corresponds to ISIC divisions 05-43 and includes manufacturing (ISIC divisions 10-33). 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 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
Records
63
Source
Latin America & Caribbean | Industry (including construction), value added (annual % growth)
1960
1961
1962
1963
1964
1965
1966 6.84742957
1967 5.21954249
1968 8.71260767
1969 8.59798205
1970 7.03560037
1971 6.50511305
1972 8.43728716
1973 9.22010187
1974 6.70481194
1975 2.12019465
1976 6.42565144
1977 3.90404259
1978 4.95488787
1979 7.58511217
1980 5.80618833
1981 -0.4627583
1982 -1.55682806
1983 -5.10417238
1984 4.55006089
1985 3.27643867
1986 3.7408758
1987 2.6066222
1988 -0.20234419
1989 1.71849659
1990 -1.20091495
1991 2.42789297
1992 1.382399
1993 3.68627824
1994 5.4444749
1995 -1.67675286
1996 5.02661448
1997 6.26247212
1998 2.30019681
1999 -1.17274005
2000 3.49396903
2001 -1.30561712
2002 -0.01391882
2003 2.57918432
2004 6.19191634
2005 3.33120331
2006 4.83457367
2007 3.9997584
2008 2.31787276
2009 -4.93161661
2010 6.46559373
2011 4.16754643
2012 1.69015323
2013 1.93292546
2014 0.74722421
2015 -0.24102094
2016 -1.25589678
2017 0.49289372
2018 0.68122821
2019 -1.10830631
2020 -7.59447165
2021 7.71331174
2022 3.62684674
Latin America & Caribbean | Industry (including construction), value added (annual % growth)
Annual growth rate for industrial (including construction) value added based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. Industry corresponds to ISIC divisions 05-43 and includes manufacturing (ISIC divisions 10-33). 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 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
Records
63
Source