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In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction.
This sector generally takes the output of the primary sector raw materials and creates finished goods suitable for sale to domestic businesses or consumers and for export via distribution through the tertiary sector Many of these industries consume large quantities of energy, require factories and use machinery; they are often classified as light or heavy based on such quantities.
Manufacturing is an important activity in promoting economic growth and development Nations that export manufactured products tend to generate higher marginal GDP growth, which supports higher incomes and therefore marginal tax revenue needed to fund such government expenditures as health care and infrastructure. Among developed countries it is an important source of well-paying jobs.
| Attributes | Values |
|---|---|
| Color | blue, red, yellow, green |
| Material | wood, plastic, stainless steel |
The secondary sector depends on the primary sector for the raw materials necessary for production. Countries that primarily produce agricultural and other raw materials primary sector tend to grow slowly.
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Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships. However, more complex cases, such as otherwise different processes yielding similar products.
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