Production sector
The production sector is responsible for the creation of products and services. This sector pays for household factoring services, government taxes, and material imports. The stages that raw materials go through to become a finished product are referred to as the manufacturing process. The product design and materials specifications from which the product is manufactured are the first steps in the manufacturing process. These materials are subsequently transformed into the needed part through manufacturing procedures.
The production sector is responsible for 22% of GDP and employs 22% of the overall workforce. According to the data of the World Bank, in 2015, India gained the sixth position in the Industrial manufacturing GDP output which value was $559 billion US dollars and the 9th largest in inflation-adjusted constant Which value was $197.1 billion US dollars.
4 Major Sectors of an Economy
For the macroeconomic analysis, the four aggregate macroeconomic sectors that form the basic foundation are household, business, government, and foreign—which account for four gross domestic product expenditures. On the macroeconomic stage, these four sectors are the major ‘actors’.
Table of Content
- What is Economic Sector ?
- 1. Household Sector
- 2. Production sector
- 3. Government Sector
- 4. The External Sector