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Deindustrialisation

 

Definition: The decline in the contribution made to GDP by Secondary Production. This decline is usually attributed to a shift in employment and production by the tertiary sector.

 

 

Additional Info: Some economists think that deindustrialisation signals a ‘maturing’ economy. However, others believe that the process harms export earnings because tertiary output tends to be consumed domestically.

Related Terms: GDP - Tertiary Production - Secondary Production

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