Countries by Services, value added (constant LCU)

Iran, Islamic Rep. ranks 1st in services value added measured in constant local currency units, recording a value of 36,814,408,259,799,500 LCU — a figure so large it reflects the effect of domestic currency scale rather than economic size alone. At the other end, Marshall Islands records 142,708,395 LCU, placing 194th. The gap between first and last spans roughly 25,796,946,381% in range, making direct cross-country comparison in absolute LCU terms effectively meaningless without currency conversion.

Economy category

Ranking 2024

Countries by Services, value added (constant LCU)
Rank	Country	Value
1	Iran	36,814,408,259,799,500
2	Indonesia	5,917,846,900,000,000
3	Vietnam	2,774,081,430,245,200
4	South Korea	1,324,200,692,049,850
5	Colombia	610,498,000,000,000
6	Japan	396,876,833,821,000
7	Chile	129,891,965,202,400
8	Nigeria	118,418,273,948,600
9	Paraguay	115,788,459,693,990
10	India	94,405,293,235,400
11	Uzbekistan	81,221,010,625,500
12	Iraq	73,568,423,500,000
13	China	72,377,092,429,200
14	Uganda	66,926,206,088,900
15	Russia	59,736,123,649,700
16	Tanzania	58,470,440,391,300
17	Laos	56169130158618.5
18	Cambodia	54,300,885,389,800
19	Guinea	34,433,694,213,950
20	Lebanon	33,913,719,000,000
21	Hungary	32,864,701,387,000
22	Myanmar	31,848,546,705,200
23	Costa Rica	28,822,633,132,900
24	Pakistan	23,162,151,000,000
25	Côte d'Ivoire	23,000,366,255,500
26	Bangladesh	16,650,464,005,000
27	Mongolia	16,473,908,420,000
28	Mexico	15,207,225,971,000
29	Philippines	13,992,259,830,400
30	Cameroon	13,341,600,000,000
31	Madagascar	10,517,651,030,000
32	Kazakhstan	9556370616131.67
33	Angola	8695705985275.83
34	Senegal	8,292,066,454,200
35	Sri Lanka	7381058512843.12
36	Thailand	6958661208830.35
37	DR Congo	6895648200729.64
38	Kenya	6,631,013,000,000
39	Rwanda	6,362,782,535,600
40	Mali	5643645691867.13
41	Benin	5,383,400,000,000
42	Algeria	5265749485413.89
43	Burkina Faso	4,969,636,587,500
44	Egypt	4476926340183.4
45	Malawi	4,244,806,143,600
46	Armenia	4190701070127.38
47	Serbia	4,077,664,973,500
48	Czechia	3,854,646,000,000
49	Sweden	3,610,327,000,000
50	Dominican Republic	3245273170178.32
51	South Africa	3,164,034,442,900
52	Chad	3,160,190,917,800
53	Niger	3,133,047,319,500
54	Gabon	3103175327888.33
55	Hong Kong	2,782,870,000,000
56	Brazil	2755515779546.13
57	Togo	2585301659185.24
58	Germany	2,394,886,840,000
59	Iceland	2,368,735,463,000
60	Norway	2,325,031,560,000
61	Equatorial Guinea	2157760250006.48
62	Saudi Arabia	2141822901931.03
63	France	1,903,555,100,000
64	United Kingdom	1,826,365,324,000
65	Canada	1,794,083,190,000
66	Australia	1,772,566,000,000
67	Republic of Congo	1,766,287,728,600
68	Denmark	1,629,907,464,000
69	Poland	1483398851034.38
70	Türkiye	1,407,105,504,000
71	Burundi	1392492917984.88
72	Nepal	1306267234237.73
73	Italy	1,278,549,500,000
74	Jamaica	1,249,394,000,000
75	Uruguay	1,221,558,497,700
76	Israel	1,216,848,356,000
77	Ukraine	1,145,009,239,100
78	Ethiopia	1,046,084,914,800
79	Albania	1,018,647,938,200
80	Spain	965,163,000,000
81	United Arab Emirates	944,795,000,000
82	Malaysia	937,126,513,000
83	Morocco	729296601174.87
84	Netherlands	657,157,845,000
85	Guyana	556,751,000,000
86	Switzerland	545,493,416,000
87	Syria	527,462,000,000
88	Djibouti	502,148,387,300
89	Guinea-Bissau	475,311,753,200
90	Afghanistan	467,306,000,000
91	Mozambique	424,200,530,900
92	Kyrgyzstan	408,647,095,900
93	Singapore	389,791,737,400
94	Guatemala	379,808,706,100
95	Belgium	375,082,800,000
96	Mauritius	374523230538.64
97	Argentina	368,542,887,900
98	Qatar	337,931,000,000
99	Macao	323,989,000,000
100	North Macedonia	313030972831.89
101	Peru	307,647,000,000
102	Haiti	303,952,618,400
103	Central African Republic	303,227,510,300
104	Romania	292822520406.4
105	Ireland	287,933,286,000
106	Austria	266,359,973,000
107	New Zealand	245,767,518,000
108	Comoros	238,928,710,500
109	Honduras	192,879,100,000
110	Bolivia	180620753679.29
111	Mauritania	169,193,849,000
112	Cabo Verde	159,244,238,400
113	Portugal	158,283,288,000
114	Finland	153,628,266,000
115	Greece	136,315,578,000
116	Botswana	121,795,680,500
117	Nicaragua	110,780,265,000
118	Zambia	106,441,207,000
119	Bhutan	103,151,864,400
120	Moldova	99,707,292,200
121	Belarus	98,040,219,000
122	Yemen	95,156,986,900
123	Bulgaria	92,866,521,600
124	Namibia	91,131,480,700
125	Trinidad and Tobago	84,832,156,100
126	Ghana	84070926553.76
127	Maldives	78042540514.98
128	Ecuador	68,242,857,400
129	Slovakia	65,940,854,000
130	Tunisia	59,814,400,000
131	Panama	55506624611.62
132	Luxembourg	54,735,598,000
133	Vanuatu	46,339,000,000
134	Georgia	44143931505.91
135	Croatia	40,990,644,200
136	Cuba	40,778,000,000
137	Gambia	40644256860.55
138	Eswatini	38,483,244,600
139	Lithuania	34,861,202,000
140	Zimbabwe	34,413,047,800
141	Libya	33,813,100,000
142	Slovenia	30,920,633,000
143	Papua New Guinea	30,877,064,400
144	Sierra Leone	28279064480.87
145	Bosnia and Herzegovina	24,003,299,100
146	Cyprus	22455298780.56
147	Latvia	21,058,688,000
148	Kuwait	21,002,515,100
149	Jordan	20,337,569,600
150	Estonia	19,681,649,000
151	Oman	18462627709.67
152	Seychelles	18,373,737,200
153	El Salvador	17,293,027,000
154	Malta	15539863085.78
155	Lesotho	13,082,215,100
156	Barbados	11,156,500,000
157	Azerbaijan	10,762,033,200
158	Bahamas	10,634,200,000
159	Greenland	10,290,968,400
160	Suriname	9692233811.33
161	South Sudan	9,040,490,100
162	Bahrain	8,631,000,000
163	Brunei	8156813262.65
164	Fiji	6,931,300,000
165	Palestine	6,562,400,000
166	Bermuda	6,347,074,000
167	Solomon Islands	5890376260.76
168	Isle of Man	4503343954.95
169	Cayman Islands	4391367678.11
170	Saint Lucia	4,284,420,000
171	Aruba	4081766902.17
172	Tajikistan	3,486,526,900
173	Belize	3,323,932,500
174	Sudan	3,098,312,500
175	Kosovo	3067277755.28
176	Antigua and Barbuda	3,037,100,000
177	Montenegro	2,943,935,000
178	Sao Tome and Principe	2,893,138,200
179	Andorra	2,317,900,000
180	Sint Maarten (Dutch part)	2,011,000,600
181	Samoa	1,816,269,900
182	Saint Vincent and the Grenadines	1,731,120,000
183	Grenada	1,688,390,000
184	Saint Kitts and Nevis	1,627,070,000
185	Liberia	1,538,699,600
186	Turks and Caicos Islands	1,223,310,000
187	Timor-Leste	1173232099.14
188	Dominica	996,830,000
189	San Marino	805899900.32
190	Tonga	502179837.01
191	Kiribati	243981605.48
192	Palau	186978227.22
193	Micronesia	175,349,000
194	Marshall Islands	142708394.91

Analysis

This metric tracks services value added measured in constant local currency units (LCU), using World Bank World Development Indicators indicator code NV.SRV.TOTL.KN, with data for the 2024 reference year. According to the source definition, 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 services. Because values are expressed in each country's own constant LCU rather than a common currency, the absolute figures are not comparable across countries. Coverage is 194 countries, with 192 out of 194 (99.0%) having data from the last seven years, 100% classified as official data, and 88.1% of countries reporting from the latest year (2024). Ten extreme outliers were identified at the 3-sigma threshold.

Iran leads all 194 countries with a value of 36,814,408,259,799,500 LCU, followed distantly by Indonesia at 5,917,846,900,000,000 LCU (rank 2) and Viet Nam at 2,774,081,430,245,200 LCU (rank 3). Korea, Rep. ranks 4th at 1,324,200,692,049,850 LCU and Colombia ranks 5th at 610,498,000,000,000 LCU. Large economies such as Japan (rank 6, 396,876,833,821,000 LCU), India (rank 10, 94,405,293,235,400 LCU), China (rank 13, 72,377,092,429,200 LCU), and the Russian Federation (rank 15, 59,736,123,649,700 LCU) appear in the upper tier. High nominal LCU values in this ranking often indicate countries with historically high domestic price levels or currencies of large denomination rather than necessarily larger service sectors in real economic terms.

Notable counterintuitive placements appear throughout the middle of the ranking. Germany (rank 58, 2,394,886,840,000 LCU) ranks below Iceland (rank 59, 2,368,735,463,000 LCU), Norway (rank 60, 2,325,031,560,000 LCU), and France (rank 63, 1,903,555,100,000 LCU), despite Germany being a substantially larger economy. Brazil ranks 56th at 2,755,515,779,546 LCU, close to Hong Kong SAR, China at rank 55 (2,782,870,000,000 LCU). Paraguay (rank 9, 115,788,459,693,990 LCU) outranks India (rank 10, 94,405,293,235,400 LCU), again reflecting LCU denomination differences rather than relative economic output. Small island economies cluster at the bottom, with Marshall Islands (rank 194, 142,708,395 LCU), Micronesia, Fed. Sts. (rank 193, 175,349,000 LCU), and Palau (rank 192, 186,978,227 LCU) recording the lowest absolute values.

The primary limitation of this metric is that values are expressed in each country's own constant local currency unit, making cross-country comparisons invalid. A country with a high-denomination currency or historically high inflation will mechanically produce larger LCU figures. The 25,796,946,381% range between the highest and lowest values — from 36,814,408,259,799,500 LCU (Iran) to 142,708,395 LCU (Marshall Islands) — reflects currency scale differences as much as actual service sector size. The metric is best used to track a single country's services sector over time rather than to compare countries against one another. Additionally, 11.9% of countries do not yet report 2024 data, relying on earlier estimates, and 10 countries were flagged as extreme statistical outliers at the 3-sigma threshold.

Methodology

Data are drawn from the World Bank World Development Indicators, indicator code NV.SRV.TOTL.KN, for the reference year 2024. The metric measures services value added in constant local currency units (LCU). Per the source definition, 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 services. Coverage spans 194 countries. Of these, 192 out of 194 (99.0%) have data from within the last seven years, and 100% of data points are classified as official. Latest-year (2024) data are available for 171 out of 194 countries (88.1%). Ten countries were identified as extreme outliers using a 3-sigma threshold. The average year-over-year change across the dataset is 4.9%, well within the 50% volatility threshold. Because values are in constant but non-standardised local currency units, the ranking measures nominal LCU scale and is not suitable for direct cross-country economic comparison.

Sources

World Bank