It also includes encryption, but don't rely on it. Encrypt your wallet in your Bitcoin program and GPG it too, so it ends up triply encrypted 
There is no practical reason to encrypt something three times.
You either have all the keys stored in the same place -> Results in the same security as just a single encryption or
you have the keys stored in different places -> Then going for a secret sharing scheme after encryption is the better alternative.
Either way, encrypting something twice, or even a third time, doesn't increase the security.