The Tertiary Sector: Economic Impact in the EU and Spain

The Tertiary Sector in the European Union

The services provided by the Tertiary Sector account for approximately 70% of employment and the total value of production in the EU.

Key Activities and Growth Trends

Social services, trade, and service companies are the most relevant activities. However, technology-related services, particularly those involving information and communication (ICT), have experienced the highest growth in the last 25 years. EU countries share some common specialization patterns.

EU Policies Affecting the Service Sector

The EU operates as a customs union, necessitating a common trade policy. Key policies include:

• A common levy on production originating from non-EU countries.
• The economic integration of all member states, establishing the region as the 1st world economic power.

Transport Policy

The transport sector has received significant attention from the EU. To address the need for fast and economically efficient transport, the EU develops a common policy.

Major Challenges for the EU Service Sector

Today, the EU Tertiary Sector faces four major challenges:

1. Compensating for job losses caused by delocalization (offshoring).
2. Increasing productivity.
3. Correcting the economic delay of some member countries.
4. Creating common policies in other service areas.

The Tertiary Sector in Spain

The Tertiary Sector is the most important economic sector in Spain. It produces about 68% of the national wealth (GDP) and employs more than 12 million people, representing 65% of the employed population.

Key Service Activities in Spain

The Spanish service economy is characterized by several strong areas:

• Trade: This activity generates the majority of utilities.
• Financial Services: Spain's largest banks are ranked among the biggest globally.
• Transport: Spain possesses strong resources and transport infrastructure.
• Tourism: Spain is the second country in the world receiving the most foreign visitors annually.
• Information and Communications Services (ICT): ICT-related services have developed rapidly in recent years.
• Business Services: Along with ICT, this is one of the fastest-growing service areas.
• Social Services: Public social services are highly important. The Spanish state allocates 20% of GDP, mainly covering retirement and widow's pensions, healthcare, and unemployment benefits.
• State Administration Services: The development of the State of Autonomies and the progressive transfer of political powers to the autonomous communities have significantly increased the number of administrative staff.