Nevertheless, for all the importance of the services sector in overall economic activity, and despite the remarkable growth in services trade, the latter constitutes only around a quarter of total EU trade as recorded by balance of payments statistics. This is also true for other major economies, where the share of trade in services in total trade mostly oscillates between 10% and 25%. For a sector that accounts for a significant share of GDP in almost all countries in the world, and for more than 70% of GDP in the EU and in other advanced economies, this is a rather low proportion.
Trade in goods and services as a share of total trade
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