JAR­GON: TER­TIARY IN­DUS­TRY

Finweek English Edition - - INVESTMENT -

Also known as the “ter­tiary sec­tor of in­dus­try”, or the “ser­vice in­dus­try/sec­tor”, this is the part of the econ­omy that pro­vides ser­vices to con­sumers (such as fi­nan­cial in­sti­tu­tions, schools, trans­port ser­vices, le­gal prac­ti­tion­ers, etc.). In a de­vel­oped econ­omy, the ter­tiary in­dus­try is one of three in­dus­try types – the other two be­ing the pri­mary (raw ma­te­ri­als) and sec­ondary (goods pro­duc­tion) in­dus­tries. As an econ­omy be­comes more ad­vanced, it will shift its em­pha­sis from pri­mary to sec­ondary and ter­tiary in­dus­tries. In many de­vel­op­ing African coun­tries, for ex­am­ple, gov­ern­ments are try­ing to de­crease their de­pen­dence on pri­mary in­dus­tries, such as re­source ex­trac­tion, and de­velop more ser­vices-re­lated in­dus­tries.

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