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What is the sectoral constitution of any economy? Is it necessary that the service sector should contribute more than the others in the GDP of an economy? Explain.

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Sectoral Constitution of Economy :

Any economy is divided into 3 parts on the basis of sector :

  • Primary sector : This sector includes agriculture, animal husbandry, forestry, fisheries etc. 
  • Secondary sector : This sector includes manufacturing and industries. 
  • Tertiary sector : This sector includes banking, insurance, communication etc. services.

Agriculture has the biggest contribution in GDP in a developing economy, while it has the least contribution in a developed country. The contribution of tertiary i.e. the service sector is the highest in a developed economy. Expansion of banking, insurance, communication, etc. services in a country is an indicator of development. Therefore, the service sector should contribute the most in the GDP of an economy.

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