For once, small but good:
Growth in European service industries, which account for about one-third of the euro-region economy, unexpectedly accelerated in May to the fastest pace in seven months.
An index based on a survey of about 2,000 purchasing managers of companies including airlines and banks compiled by NTC Research Ltd. for Reuters Group Plc rose to 53.5 from 52.8 in April. The median forecast by 27 economists surveyed by Bloomberg News was for a decline to 52.5. A reading above 50 indicates expansion.
“European service industries … account for about one-third of the euro-region economy”.
One of the arguments in favour of liberalising services under the Bolkestein directive has been that services represent 70% of European economic activity. So I’m curious as to how NTC (who are known for the careful way they do their research) calculates this figure of one-third.
Regards,
Some companies are benefiting from the weak economy by offering their services at lower prices than their competitors.
This seems to be either totally trivial or another brilliant piece of Bloomberg analysis 😉
“has been that services represent 70% of European economic activity”
Yeah, I’ve been thinking about this too. There is obviously some difference between eurozone and EU, since Britain, with internationall the most important services sector is out, and the med club with the low value weighting services are in. But still.
Normally in an OECD economy services represent around two thirds these days. I’ll keep my eyes out for something from Eurostat :).