Chart 2
Gross Domestic Product by broad economic sector
1984
Secondary production 31.1 %
Primary production 0.6%
The Economy 47
2004
Secondary production
9.9%
Primary production 0.1%
Tertiary production 68.2%
Tertiary production 90.0%
Over the past two decades, the economic structure has shifted towards an increasing service orientation, concurrent with a diminishing share of the secondary sector in GDP.
There was a similar development on the employment front, underpinned by a flexible labour market and the continuous improvement in the quality of the local workforce. The service sectors as a whole enlarged their share in total employment from 82.7 per cent in 2000 to 86 per cent in 2005. In contrast, the share of the manufacturing sector shrank from 7.1 per cent to 5.3 per cent and that of the construction sector from 9.4 per cent to 8 per cent over the same period (Chart 3). The continuous upgrading of the quality and educational attainment of the local workforce, together with the flexibility of the labour market, has enabled such. restructuring to proceed more smoothly than it might have done.
Chart 3
Employment by broad economic sector
1985
Secondary production
43.5%
Tertiary production 54.3%
Primary production 2.2%
2005
Secondary production
13.7%
Primary production 0.4%
Tertiary production 86.0%
Note: The compilation methodology of composite employment estimates has been reviewed in June 2005. Employment figures from 1996 onwards have been revised accordingly. They are thus not strictly comparable with those of earlier years.
Over the past two decades, the share of the service sector in total employment showed a distinct increase, whereas the share of the manufacturing sector contracted further.