Services share of GDP in LatAm by region

In 2021, approximately 58 percent of the total value added to GDP in Latin America and the Caribbean was generated by the services industry. This share has decreased or stayed the same for the sixth consecutive year, having accounted for 60.5 percent in 2016. Since 2017, the services industry in small Caribbean states has contributed with a relatively lower share of the value added to the gross domestic product (GDP) than the regional average, falling to 58.4 percent in 2019, however increased to almost 63 percent in 2020.

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 from 2010 to 2021, by region

Characteristic	Latin America and the Caribbean	Caribbean small states
2021	57.9%	-
2020	60.3%	62.8%
2019	60.3%	58.4%
2018	60.1%	59.1%
2017	60.6%	60.5%
2016	60.5%	62%
2015	60%	61.5%
2014	59.1%	59.3%
2013	58.4%	58.8%
2012	57.6%	57.8%
2011	56.8%	56.7%
2010	57.2%	58%

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Release date

March 2022

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Region

LAC

Survey time period

2010 to 2021

Supplementary notes

Data for Caribbean small states in 2021 not yet available.
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.

The source does not provide the date of release, the date given is the one of last access.
Figures have been rounded.

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