Olan McEvoy
Research expert covering the European Union for society, economy, and politics.
Get in touch with us nowTrade in services within the European Union has grown hugely over the period since 2010, with particularly large increases in transport, ICT, and financial services. Services trade increased from around one trillion Euros in 2010 to over two trillion in 2019, before dropping off during the COVID-19 pandemic. Travel services in particular more than halved in value during 2020 compared to the previous year. 2021 then marked a recovery in the growth of services trade, increasing by over 250 billion euros, bringing the total value once again close to two trillion Euros. Trade in services continued to increase in the aftermath of the pandemic, with commercial services in particular increasing by roughly a quarter of a trillion euros in 2022.
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