Importance of the Service Industry to the Economy

The Importance of the Service Industry to the Economy In the process of rapid economic development and major changes in the economic structure, the importance of the service industry in the economic system is steadily increasing, which is one of the major drivers of the economy of most countries It is getting. In the United States, 78% of GDP comes from the service industry [1]. As a result of this trend, research to correlate services with high research value has been developed. It contains multiple thematic fields.

Over the past 50 years, the transition from traditional economy to knowledge economy has shown another historical change in industries such as manufacturing and service industries. In 2016, the World Bank reported that the economy consists of 78% of services and 21% of manufacturing. Only 1% of GDP comes from agriculture. Researchers mapping the psychological traits of thousands of years have a greater interest and capacity for carriers that show both external and social impacts and are ideal candidates for the service industry I point out to point out.

The employment model proves that the service industry is a major industry in Taiwan. In fact, it accounts for 73% of GDP. Generally, the economy is very diverse and there are several different industries. Among the most important are communications and information technology, electronics, petroleum refining, chemicals, weapons, chemicals, food processing and textiles. In 2014, Taiwan exported goods equivalent to 318 billion dollars. Because this economy is heavily dependent on the export industry, it is vulnerable to fluctuations in the world market. Its main export products include electronics, flat, ocean, petrochemical products, machinery, metal, textiles, plastics and chemicals. The majority of exports go to the following countries: China (27.1%), Hong Kong (13.2%), the US (10.3%), Japan (6.4%) and Singapore (4.4%

As an emerging industrialized country, the Philippines is still an economy with many agricultural sectors, but service is a dominant economy. Many industrial sectors are often based on the handling and assembly of electronics and other high-tech parts manufacturing from foreign multinationals. Filipino workers abroad - known as overseas Filipino workers or known as OFW - are important contributors to the economy, but are not reflected in the discussion of the domestic economic sector below. OFW remittance is also due to recent Philippine economic growth, which has led to improvements in the investment situation of credit rating agencies such as Fitch Group and Standard & Poor's. Filipinos abroad sent more than $ 2 billion to the Philippines in 1994. In 2012, Philippine Americans remitted 43% of the total remittance to the Philippines for a total of $ 10.6 billion.