A country’s economy is composed of several sectors including, industry, agriculture, and the service sector. Although the service sector accounts for 70% of the global economy, some countries are reliant on the industrial output which accounts for 30.2% of the world economy. The industry is the economic sector that is concerned with the production of goods which apart from the contemporary production of goods in industries, also includes the production of fertilizer, fuel, mining, and extraction. According to data provided by the World Factbook of the CIA, these countries are most dependent on industry:
Countries Most Reliant On Industry
The Central African country of Equatorial Guinea covers an area of 11,000 sqm and is home to approximately 1.2 million according to the 2015 census. The IMF estimates the nominal GDP of the country as $11.638 billion as at 2016, and a per capita income of $14,176. The industrial sector dominates the economy with 89.7% market share catapulted by the increased production of oil and gas over the last decade and accounted for 94% of the country export in 2016. Other industries include the fishing and sawmilling.
Andorra is located in Southwestern Europe and is home to 85,660 according to 2016 estimates. Its GDP is approximately $3.5 billion and the per-capita income is $53,383. Industrial production control seventy-nine percent of the economy and employs more people than any other sector. Cigarettes, timber, and furniture are its main exports. Mining of iron and lead also contribute significantly to the national revenue.
The state of Qatar has a population of approximately 2.7 million people and covers an area of 4,473 sqm. Its GDP is about $185.395 billion while its per-capita income is $92,200. The state is located in a desert environment that is unsuitable for agriculture making Qatar one of the largest importers of agricultural products. However, it is one of the largest producers of oil, and oil products are its largest exports. Industrial output which includes mining of oil constitutes seventy-three percent of the economy. Fertilizer and steel are the other industrial outputs.
Republic of the Congo
The Republic of Congo popularly referred to as Congo-Brazzaville to differentiate it from its neighbor DRC is located in Central Africa. Its GDP is about $9.8 billion and a per-capita income of $2,190. Its economy is highly reliant on petroleum which accounts for 92% of the total exports. It is also the largest sector in a country whose economy is predominantly industrial (70.7%). The country also has large deposits of untapped mineral including copper and other metals. Lumbering is also a major contributor to the GDP of Congo.
Role Of The Industry In The Economy
Industries play a major role in the economy, they employ millions of people and are responsible for converting raw materials into useful final products. Developing economies strive to establish industries to produce goods for export and improve their GPD and living conditions. Mining and production of oil is an example of the industrial sector that haS transformed what would otherwise be uninhabitable environments such as Qatar into global economic leaders. However, the industry has been held responsible for the pollution of the environment through the emission of harmful gases responsible for global warming.