Venezuela: Share of services

The latest value from 2014 is 51.67 percent, an increase from 45.57 percent in 2013. In comparison, the world average is 55.61 percent, based on data from 188 countries. Historically, the average for Venezuela from 1968 to 2014 is 46.4 percent. The minimum value, 32.39 percent, was reached in 1990 while the maximum of 61.05 percent was recorded in 1983. See the global rankings for that indicator or use the country comparator to compare trends over time.

The importance of services in the economy of Venezuela and other countries is measured as the value added of services as percent of GDP. The services sector includes wholesale and retail trade, transport, financial services, education, health care, and real estate.

Definition: Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and 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 industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.