Services, value added (annual % growth)

This indicator reflects the yearly percentage increase in value added across the service sectors, expressed in constant local currency to mitigate inflation effects. By using constant 2015 dollar values, it provides a clearer picture of real growth trends. The services covered encompass a wide range, including retail, hospitality, transportation, and various professional services like education and healthcare, falling under ISIC divisions 45-99. Importantly, the calculation includes not only direct value contributions but also imputed service fees and adjustments for discrepancies reported by national statistics agencies. This comprehensive approach allows for a nuanced understanding of economic dynamics in the service sector, where value added represents the net worth generated after accounting for intermediate consumption, without factoring in asset depreciation or natural resource depletion. Source: