What is the Tertiary Sector?
By Balaji
Updated on: February 17th, 2023
The tertiary sector is concerned with providing facilities and services while supporting the remaining two sectors for the free flow of economic activities. It is one of the three major sectors of the economy. It mainly supports the process of production and manufacturing. This includes services such as tourism, insurance, banking, education, trade, transport, tourism, and communication.
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1. Tertiary Sector
Tertiary Sector
The tertiary sector does not participate in the initial stages of extraction of raw materials, natural resources, and manufacturing of products.
It deals with finished goods and services related to them. It is also known as the ‘Services Sector’, providing various services all over the world. It contributes to a developing economy by providing employment at a good rate throughout the world.
- More and more people are entering the tertiary sector for the purpose of employment.
- The tourism industry alone generates a significant amount of revenue in the tertiary sector, accounting for about 42% of the total GDP.
- Other tertiary sector services include insurance, banking, education, trade, transport, tourism, and communication.
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