Antigua and Barbuda: Gross value added at basic prices (GVA) (constant 2010 US$) 77,996,935 April 14, 2021
Statistics: Gross value added at basic prices (GVA) (constant 2010 US$)
|Date||1977 - 2019|
|Previous value||1,272,608,623 (2018)|
Definition: Gross value added at basic prices (GVA) (constant 2010 US$)
Gross value added at factor cost (formerly GDP at factor cost) is derived as the sum of the value added in the agriculture, industry and services sectors. If the value added of these sectors is calculated at purchaser values, gross value added at factor cost is derived by subtracting net product taxes from GDP. Data are in constant 2010 U.S. dollars.
Chart - Antigua and Barbuda: Gross value added at basic prices (GVA) (constant 2010 US$) (1977 - 2019)
Development relevance: Gross value added at basic prices (GVA) (constant 2010 US$)
Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future.
Limitations and Exceptions: Gross value added at basic prices (GVA) (constant 2010 US$)
Gross domestic product (GDP), though widely tracked, may not always be the most relevant summary of aggregated economic performance for all economies, especially when production occurs at the expense of consuming capital stock. While GDP estimates based on the production approach are generally more reliable than estimates compiled from the income or expenditure side, different countries use different definitions, methods, and reporting standards. World Bank staff review the quality of national accounts data and sometimes make adjustments to improve consistency with international guidelines. Nevertheless, significant discrepancies remain between international standards and actual practice. Many statistical offices, especially those in developing countries, face severe limitations in the resources, time, training, and budgets required to produce reliable and comprehensive series of national accounts statistics. Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money.
Statistical concept and methodology: Gross value added at basic prices (GVA) (constant 2010 US$)
For more information, see the metadata for constant U.S. dollar GDP (NY.GDP.MKTP.KD) and total population (SP.POP.TOTL).