Latin America & the Caribbean (IDA & IBRD countries) | 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 & the Caribbean (IDA & IBRD countries)
Records
63
Source
Latin America & the Caribbean (IDA & IBRD countries) | 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 6.46159138
1972 8.51411308
1973 9.33924358
1974 6.81608413
1975 1.9836372
1976 6.4356591
1977 3.81965882
1978 4.91868938
1979 7.72046503
1980 6.00297724
1981 -0.80904708
1982 -1.75380465
1983 -5.35441235
1984 4.4492977
1985 3.233214
1986 3.95934001
1987 2.81499703
1988 -0.38298937
1989 1.63837318
1990 -1.27234724
1991 2.97834276
1992 1.97602937
1993 4.03936791
1994 5.44780266
1995 -1.8089496
1996 4.91800586
1997 6.25144883
1998 2.4115278
1999 -1.27324606
2000 3.43526356
2001 -1.28547111
2002 -0.02978081
2003 2.60402348
2004 6.24621614
2005 3.25986477
2006 4.71041676
2007 4.04718752
2008 2.27872509
2009 -5.00102078
2010 6.60027656
2011 4.22069378
2012 1.64260229
2013 1.92058904
2014 0.79175501
2015 -0.36168999
2016 -1.2678704
2017 0.47672022
2018 0.66213049
2019 -1.07591296
2020 -7.56665951
2021 7.9687346
2022 3.76277229

Latin America & the Caribbean (IDA & IBRD countries) | 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 & the Caribbean (IDA & IBRD countries)
Records
63
Source