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- The role of services in the economy includes the following aspects1234:
- Production of services: The service sector, also known as the tertiary sector, produces services such as maintenance, repairs, training, and consulting.
- Contribution to economic growth: The modern services sector (professional services) contributes to innovation, increased productivity, and overall economic growth.
- Support for industry: Services like transportation, banking, electricity, and communication directly affect the development of industries in a country.
- Infrastructure services, business services, trade services, and social/personal services are all part of the service sector.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The service sector, also known as the tertiary sector, is the third tier in the three-sector economy. Instead of product production, this sector produces services maintenance and repairs, training, or consulting. Examples of service sector jobs include housekeeping, tours, nursing, and teaching.www.investopedia.com/terms/s/service-sector.aspThe literature on productive structure and economic growth shows the relevance of industry in expanding gross domestic product (GDP) in developed and developing countries. Recent studies suggest that the modern services sector (professional services) contributes to innovation, increased productivity, and, consequently, economic growth.www.cepal.org/en/publications/48968-role-service…The service sector provides various facilities such as transportation, banking, electricity, repair, or communication in support of the distribution of the manufactured goods which directly affects the development of an industry in a country.www.geeksforgeeks.org/role-of-service-sector-in-in…Services in Modern Economy: Significance of Service Sector
- 1. Infrastructure Services Infrastructure services form a critical pillar of the economy. ...
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Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. The service economy is also key to growth, for instance it accounted for 47% of economic growth in sub-Saharan Africa over the period 2000–2005 (industry contributed 37% and agriculture 16% in the same period). This means that recent economic growth in Africa relies as much on services as on natural reso…
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