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Service industries are those not directly concerned with the production of physical goods (such as agriculture and manufacturing). Some service industries, including transportation , wholesale trade and retail trade are part of the supply chain delivering goods produced in the agricultural and manufacturing sectors to final consumers.
The service industries (More formally termed: 'tertiary sector of industry' by economists) involve the provision of services to businesses as well as final consumers.Such services include accounting, tradesmanship (like mechanic or plumber services), computer services, restaurants, tourism, etc.
In 1900 the U.S. service industry (e.g., consisting of banks, professional services, schools and general stores) was fragmented, except for the railroads and communications. Services were largely local in nature and owned by entrepreneurs and families. The U.S. in 1900 had 31% employment in services, 31% in manufacturing and 38% in agriculture ...
Nominal GDP sector composition, 2015 (in millions of 2005 USD): [5] [6] 2005 prices are used similarly to 2010 constant prices in which they provide economic statistics where inflation is accounted for.
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. [2] 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). [2]
The Census Bureau releases sector-by-sector statistics on the number of establishments, total business activity, annual payroll, and number of paid employees. A standardized classification of the economy into sectors makes it possible to compare census results over time.
Industry [%] [3] Services [%] [4] Date of information Afghanistan * 46 18 36 2020 Albania * 35 22 44 2021 Algeria * 10 31 59 2021 American Samoa * 34 33 33 1990 Andorra * 0.4 4.7 94.9 2010 Angola * 59 8 34 2021 Anguilla * 4 3 92 2000 est. Antigua and Barbuda * 7 11 82 1983 Argentina * 8 20 72 2021 Armenia * 30 18 52 2021
Services may involve the transport, distribution and sale of goods from a producer to a consumer, as may happen in wholesaling and retailing, pest control or financial services. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. However, the focus is on people by interacting with them ...