Importance of Business Sectors

Topics: Economy, Philippines, National accounts Pages: 1 (361 words) Published: March 3, 2013
The Importance of Various Business Sectors in the Philippine Economy

According to the CIA Factbook, the estimated 2011 GDP (purchasing power parity) was 391.1 billion. Goldman Sachs estimates that by the year 2050, the Philippines will be the 14th largest economy in the world, Goldman Sachs also included the Philippines in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. It is a subset of the domestic economy, excluding the economic activities of general government, private households, and nonprofit organizations serving individuals. The three main business sectors are the primary sector (raw materials), the secondary sector (manufacturing) and the tertiary sector (sales and services).In the United States the business sector accounted for about 78 percent of the value of gross domestic product (GDP) in 2000. Estimates from 1997 reveal that agriculture contributed 20 percent to GDP, industry contributed 32 percent, and services dominated the economy with 48 percent of GDP. In 1999 the rate of growth of the GDP stood at 3.2 percent. Economists blamed the sluggish growth on the lackluster performance of the industry sector, which grew by 0.5 percent. With the end of the dry spell brought about by El Niño weather conditions, the agriculture sector's performance rebounded and grew 6.6 percent, the highest rate in decades. Services grew by 3.9 percent that year because of the strong performance in retail. Maximum economic growth for 1999 and 2000 was slowed by successive political crises in the Estrada...
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