What is a 3 Sector Economy
The Economic sectors are divided into the primary, secondary and military sectors. They represent primary production, the industrial sector and the service sector.
What is the primary sector
The primary sector (primary production) is the oldest of the sectors. It consists of all activities that involve natural products or the extraction of raw materials. These include professions such as fishing, agriculture and forestry.
Nowadays, a small primary sector is evidence of a better economic situation, the reason for this is that raw materials can usually only be sold at a low price.
What is the secondary sector
The secondary sector (industrial sector) includes the processing and processing of raw materials by industry, the energy sector and the craft. The importance of this sector is also decreasing, productions are mostly relocated abroad because it is simply cheaper and therefore more profitable.
What is the tertiary sector
The tertiary sector (service sector) includes the insurance, retail, banking and internet sectors. In contrast to the primary and secondary sectors, it does not deal with raw materials or material goods, but with services. This includes professions such as doctors, lawyers or soldiers.
Germany's share of the primary sector in gross domestic product (GDP) in 2017 was around 0.63%. Compared to China, which with 7.92% had about twelve times as large a share in their GDP, the value is quite low.
In the secondary sector, Germany is ahead of the USA with 27.6%, whose share was around 18.88% in 2017. It is also easy to see that the secondary sector in the USA has represented an ever smaller share of GDP in recent years; in 2007 it was still 21.45%, ten years later it has fallen by 2.57%.
Lastly, the tertiary sector, which makes up 61.9% for Germany and is therefore comparatively low. In other European countries, such as France or Great Britain, it is 70.24% and 70.07% for this service sector.
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