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Tertiary Sector
In all the industrialized economies, the service sector accounts for a larger share of gross domestic product (GDP)-and of employment-than manufacturing.
The contribution of the service sector to gross domestic product
Country group 165 Percentage of GDP
187 14
Low income
Lower middle income
Upper middle income
High income 0
50
4
54
46
50
61 8
48
55
64
This table shows that the service sector is immensely important in virtually all national economies. Contrary to much popular opinion, a large service sector is not confined to the more developed economies although it is certainly true that the relative importance of services does vary more or less directly with a country's income level. What does differ is the kind of service activity involved.
Much of the service sector in both developing and industrialised countries is either low skill, low technology private service activity (including wholesale and retail activity) or activities within the public sector (e.g. health, education, welfare services,etc) .The service sector is exceptionally diverse. The most important services are what might be termed circulation activities, notably the whole range of business services (commercial and financial) which are of production and trade.
The above table shows the world export of commercial services between 180 and the year 000. From the graph we can see that commercial trade has increased in the developed countries like the Western European and European Union counties due to the popularity of telecommunications, financial services, insurance and travel only to mention a few because we are in the computer age.
The above table shows the world imports of commercial services between the 180's the year 000. From the graph we can see that commercial trade has increased in the developed countries like Western European and the European countries due to the popularity of telecommunications, financial services and travel.
The World League Table of commercial services trade
(source based on WTO in (16 annual report,16volume 11,)
With this graph we see that the top 15 exporters of services account for 7 percent of the world total (a lower level of concentration than for manufacturing exports) and for 6 percent of imports. The United States is the leader in both cases. However, both the United Kingdom and France are more important as exporters of commercial services than of manufactured goods, while Japan and Germany are less important as exporters of commercial services than they are as manufacturing exporters.
Equally significant is the substantial increase in ranking of the leading East and Southeast Asian as exporters of commercial services, a clear indication that these economies are now substantially more than mere assemblers of manufactured goods. Indeed, although at a broad regional scale ,Western Europe is dominant in total commercial services accounting for 47 percent of the world total in 14 ,followed by Asia (0 percent) and North America (18 percent), in terms of rates growth the most dynamic region was Asia.
Asia's exports and imports of commercial services continued to grow at a significantly faster rate than those of North America or Western Europe. Although Asia's share in world commercial services exports and imports is lower in world merchandise trade, the value of its services exports have exceeded those of North America since 1 and its services imports are about 80 percent larger than those of North America.
Japan accounts for about onethird of Asia's services imports and for a quarter of Asia's services exports. In both 14 and 15, Asia the region with the most dynamic traders in commercial services. At least four traders Hong Kong, The Republic of Korea, Singapore and Thailand recorded and expansion of their commercial services trade in excess of 0 percent.
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