Definition of service economy in English:

service economy

noun

  • An economy or the sector of an economy that is based on trade in services.

    • ‘We are mostly a service economy based on low wages with a dwindling manufacturing and production economy.’
    • ‘We went from a manufacturing economy to a service economy to an information economy.’
    • ‘There is no doubt that we have transitioned from a service economy to an information economy.’
    • ‘The entire service economy of the town was built on it, and the impact is only now being felt.’
    • ‘He oversaw the transformation of a high-wage manufacturing economy into a low-wage service economy.’