Most of the world’s economic production comes from the agriculture, industry, and services sectors. The services sector, in particular, plays a much larger role in the world economy than you might think. To illustrate the impact of the services sector on the world economy, we created a collection of visualizations that show us services as a percentage of the GDP in countries across the globe.
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- Services account for at least 50% of the GDP in over half of the world’s countries and about 65% of the world’s GDP.
- While the world economy and job growth in the United States have slowed down, the services sector is still doing well.
- Some believe that, while the sector is doing well for now, the international trade of services will slow down.
- Services account for about 77% of the United States’ GDP.
To create our visualizations, we pulled data from The World Bank, which shows us services as a percentage of GDP, value added by services in USD, and employment in services as a percentage of total employment. Countries on the map are color-coded based on the percentage of each country’s GDP represented by services. Darker shades indicate higher percentages, and lighter shades indicate lower percentages.
By analyzing this data, we can see how the services sector impacts the world economy as well as economies in countries around the world. Only countries with data from 2017 or earlier were considered for this analysis.
Article by HowMuch
