service sector


Also found in: Financial.

service sector

or

tertiary sector

the sector of the economy which provides personal or business services, e.g. tourism or insurance and banking. As such, the service sector is distinguished from the PRIMARY SECTOR and SECONDARY SECTORS of the economy. It is a usual correlate of economic development for the service sector to expand and the primary and secondary sectors to contract.
References in periodicals archive ?
Along with the service sector, the highest amounts of loan have been paid to industry and mining sectors (954.
In the case of Asia, the implications are crucial, as the service sector is usually a leading sector for growth.
Many service sectors like education, health, water and sanitation sectors, are also directly relevant to attaining social development targets.
However, the latest quarterly Service Sector Survey shows that optimism fell sharply in the three months to August Business and professional services firms - which include accountancy, legal and marketing firms - reported that business volumes were unchanged on the quarter, after rising in May.
The Service Sector Survey showed that the pace of business volume growth slowed in the business and professional services sub-sector, and remained stable in consumer services.
There are encouraging signs that the recovery is taking hold across the service sector.
The development of the Kuwaiti national economy should proceed from the service sector, which can ensure the building of a new Kuwait, the minister added.
Neil Warwick, chairman of North East service sector trade body Service Network, said: "Many service businesses have been running on survival mode for some time now, especially those within the legal, property and banking sectors, of which there are many in the North East.
SERVICE sector firms saw volumes of business stabilise in the last three months, according to the latest CBI Service Sector Survey.
Summary: The business service sector is becoming an important group of industries to future economic fortunes.
Global Insight's UK economist Howard Archer said: "There is little evidence from the service sector survey that the financial market turmoil is currently feeding through to dampen activity, although it is probably premature to expect this.
2) However, a comparison of China's and India's economic structures demonstrates that the role of the service sector (or, the tertiary sector as it is known in China) is very different (see Figure 1).

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