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Services

In: The World Trading System

Author

Listed:
  • Brian McDonald

Abstract

From its inception, the GATT only covered trade in goods. It did not cover services, which comprise a very wide range of activities of increasing importance in modern economies. In the United States in 1994 for example, the service sector accounted for 79 per cent of the workforce and 72 per cent of GDP.1 It also accounted for 20 per cent of exports and a balance of payments surplus of $57.5 billion (compare this with the $176.7 billion deficit in trade in goods).2 The figures for the EU are similar, the service sector accounting for 64 per cent of the total workforce (but with variations between member states) and 66 per cent of GDP.3 (These figures do not include government services.) In the case of Japan it is 60 per cent of the workforce and 57 per cent of GDP.4 In the OECD as a whole services account for 60 per cent of GDP, 72 per cent if government services are included.5

Suggested Citation

  • Brian McDonald, 1998. "Services," Palgrave Macmillan Books, in: The World Trading System, chapter 22, pages 217-251, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37970-1_22
    DOI: 10.1057/9780230379701_22
    as

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