Caribbean small states: Services, value added (annual % growth)

Key figures

What the numbers say

In 2024, Caribbean small states' services, value added (annual % growth) fell 0.91 percentage points on 2023 (from 3.36% to 2.45%).

Across the 30 yearly changes before that (1994 to 2023), the average change was +0.02 percentage points and a typical year strayed about 6.4 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 19.06 percentage points in 2021 and the biggest yearly fall was 17.21 percentage points in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 12% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

See how every economy compares in the full ranking.

What this measures

Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.

Limitations: In the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 40 values

Services, value added (annual % growth) in nearby economies

• Afghanistan — 0.51% (2024)
• Algeria — 3.63% (2025)
• Bahrain — 4.34% (2025)
• Djibouti — 4.64% (2025)
• Egypt, Arab Rep. — 4.57% (2025)
• Iran, Islamic Rep. — -0.48% (2025)
• Iraq — 7.86% (2025)
• Israel — 1.94% (2024)
• Jordan — 1.96% (2025)
• Kuwait — 3.04% (2025)
• Lebanon

More economic policy & debt data for Caribbean small states

• GDP (current US$) — US$95.14 billion (2025)
• GDP (constant 2015 US$) — US$91.37 billion (2025)
• GDP per capita (current US$) — US$20,880 (2025)
• GDP per capita (constant 2015 US$) — US$20,053 (2025)
• GNI (current US$) — US$87.32 billion (2025)
• GDP (annual % growth) — 7.98% (2025)
• GDP per capita (annual % growth) — 7.56% (2025)
• GNI, Atlas method (current US$) — US$88.41 billion (2025)
• GNI per capita, Atlas method (current US$) — US$19,403 (2025)
• Agriculture, forestry, and fishing, value added (current US$)

Reading data like this

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Questions people ask

What is Caribbean small states's services, value added (annual % growth)?

2.45% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1985?

It is up 2.6 percentage points from -0.15% in 1985. The highest value was 11.03% in 2006 and the lowest -13.81% in 2020.

Is the latest change in services, value added (annual % growth) unusual for Caribbean small states?

In 2024, Caribbean small states' services, value added (annual % growth) fell 0.91 percentage points on 2023 (from 3.36% to 2.45%). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.02 percentage points and a typical year strayed about 6.4 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Where does this data come from?

Source

World Bank, World Development Indicators, indicator NV.SRV.TOTL.KD.ZG, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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