service sector


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service sector

that part of the economy concerned with the provision of a wide variety of personal and business services: hairdressing and tourism, transport and retailing, banking and insurance, etc. The service sector together with the PRIMARY SECTOR and INDUSTRIAL SECTOR form an interlocking chain of economic activities that constitutes a modern economy.

See STRUCTURE OF INDUSTRY.

References in periodicals archive ?
Service sector sees optimism plummet BUSINESS optimism across the services sector plummeted in the three months to August according to the CBI Services Sector Survey.
The mood in the business and professional services sector was particularly subdued, the CBI's quarterly service sector survey showed today, with expectations for growth at their lowest since 2009.
While the service sector rose at a "solid, albeit slightly slower pace", there was an accelerated fall in manufacturing output.
Stressing the need for foreign direct investment (FDI) into the service sector, the Survey says: "FDI equity inflows into the services sector accounted for more than 60 per cent of the total FDI equity inflows into India."
According to Lim, the service sector is also contributor of the growth of the region.
The quarterly rise in the services sector was driven by an increase in the Wholesale and retail trade; repair of motor vehicles and motorcycles; Accommodation and food service sector (by 1.0 per cent).
The guest was briefed about the functions of the ministry, successful administrative practices and a number of statistical data relating to the civil service sector.
BREXIT has been blamed for the service sector having its worst month since March.
The Report however believes that unlocking this potential in the service sector will require keen investment in business environment reforms, which are necessary to improve the ease of doing business, sustain macroeconomic stability, and attract investments.
Chris Williamson, chief business economist at survey compiler IHS Markit, said: "The improvement in service sector activity adds to evidence that the economy is on course to rebound in the second quarter but, like the earlier manufacturing and construction surveys, raises questions about the outlook."
On the other hand, the service sector which is identified as a low productive sector, yet it is the sector of rising demand.
Some 40 percent of the paid loans went to the service sector, as the country's banks paid 1,254.1 trillion rials to the service sector during the 7-month period.

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