Services Sector Export in Europe

In this paper, we consider the changes that occurred in the service exports of thirty-eight European countries in the period of 2005-2016. We have found that the existing world trend related to the growth of service exports is also present in Europe. However, the trend of the service exports' share growth in the general volume of export is not common for all European countries. We found that higher growth rates are observed in European countries with lower levels of GDP per capita. We also discovered the presence of a strong positive correlation between growth in service exports and GDP growth, as well as between growth in service exports and GDP per capita. We also found that there is a linear correlation between the growth of service exports and the growth of GDP per capita, as well as between the growth in service exports and GDP growth. The data obtained allowed us to conclude that European countries, categorized as Innovation Leaders in accordance with the European Innovation Scoreboard, are not the leading countries in Europe with regard to the rates of service export growth. We also discovered that service exports in Europe are less sensitive to adverse macroeconomic effects than goods exports.