In the 4th quarter of 2024 exports of UK goods were 20% less than 5 years before, while export of services had risen by 22% in the same five years.
As most developed economies are pivoting to services trade so we should not be surprised, but given the difficulties of increasing productivity in services, this is one key element behind the UK's productivity 'puzzle'.
As services continue to dominate the UK's trading position, how do we improve overall productivity?
#economics
h/t FT for data
Emeritus Prof Christopher May /
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2025-05-26 05:43:25
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