One major metric used to evaluate the strength of a country’s economy is the size of the gross domestic product (GDP), which is defined as the combined value of all goods and services produced within a country in a year.
From agriculture, to manufacturing to oil, some industries have been noted to make the highest contributions to a nation’s GDP over the years.
In order to actually understand the strengths of the key growth indicators of an economy, three key sectors, agriculture, industry, and services are measured according to their percentage contribution to the total GDP and when their percentages are added, it will be 100% of GDP.
The agriculture sector includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction while the services sector covers government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
This data below sourced from the International Monetary Fund, (IMF) shows the top 10 largest economies/ richest countries in the world and the major contributors to their GDPs;
| Rank | Country | GDP (USD) | Highest Contributor | % |
|---|---|---|---|---|
|
1 |
United States |
$28.78 trillion |
Services |
77 |
|
2 |
China |
$18.53 trillion |
Services |
55 |
|
3 |
Germany |
$4.59 trillion |
Services |
63 |
|
4 |
Japan |
$4.11 trillion |
Services |
71 |
|
5 |
India |
$3.94 trillion |
Services |
50 |
|
6 |
United Kingdom |
$3.5 trillion |
Services |
73 |
|
7 |
France |
$3.13 trillion |
Services |
70 |
|
8 |
Brazil |
$2.33 trillion |
Services |
58.91 |
|
9 |
Italy |
$2.33 trillion |
Services |
64.3 |
|
10 |
Canada |
$2.44 trillion |
Services |
69.7 |
According to Statista, the services sector contributed the largest share to the global GDP according to data analysed from 2013 to 2023. The Industry sector came in second position while the Agricultural sector followed in third place.
The table above confirms this data as the services sector tops the list as the largest contributor to the GDPs of the world’s largest economies accounting for as high as 77% in the United states.
According to the National Bureau of Statistics (NBS), the services sector in Nigeria which consists of several industries such as banking, retail and wholesale, trade, tourism, real estate, telecommunications, motion pictures (Nollywood), information and communication, technology, entertainment, and education accounted for 58.04% of the aggregate GDP in the first quarter of 2024.
