The contribution of manufacturing to the GDP of some East Asian econom...
Contribution of Manufacturing to GDP in East Asian Economies
There are several East Asian economies where the manufacturing sector plays a significant role in contributing to the GDP. One of the key indicators of economic development is the share of manufacturing in the GDP.
Percentage Range
- The contribution of manufacturing to the GDP of some East Asian economies falls in the range of 25 to 35 per cent.
Explanation
- Manufacturing is a crucial sector in many East Asian countries such as China, Japan, South Korea, and Taiwan. These countries have a strong industrial base and are known for their manufacturing prowess.
- The manufacturing sector in these economies produces a wide range of goods including electronics, automobiles, machinery, and consumer products which are exported globally.
- The high contribution of manufacturing to the GDP indicates the importance of this sector in driving economic growth, creating jobs, and generating income for the population.
- The focus on manufacturing has also led to the development of a skilled workforce, technological advancements, and innovation in these economies.
In conclusion, the contribution of manufacturing to the GDP of some East Asian economies is significant, ranging from 25 to 35 per cent. This highlights the importance of the manufacturing sector in driving economic growth and development in these countries.