Dr. Patricia Buckley and Dr. Rumki Majumdar, both economists at Deloitte, penned the article,"The services powerhouse: Increasingly vital to world economic growth." They note that services are becoming increasingly more vital in many countries' economic growth. The world is in the midst of a radical shift, with the share of total output - world GDP - accounted for by services experiencing a sharp increase in almost all countries. In 2015, services' value added accounted for 74 percent of GDP in high-income countries, up from 69 percent in 1997. The increase in services' share of GDP was even more pronounced in low- and middle-income countries, where it jumped to 57 percent in 2015 from 48 percent in 1997. The article can be found here at this link

They also wrote "From cargo containers to bytes: Unpacking US services trade," a companion piece looking specifically at U.S. services international trade. Services has bolstered the U.S. economy even during recessions. The U.S. services trade surplus has accelerated since 2005, contributing positively to economic growth. In 2017, services accounted for a third of the total U.S. exports, up from 27 percent in 2001. In 2017, the U.S. exported more services ($798 billion) than it imported ($542 billion), creating a surplus of $255.2 billion. Their analysis shows that services has the potential to create economic growth and jobs, and domestic services (particularly financial services, real estate, and other business services) are pivotal to the production of goods. The article can be found here at this link.

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