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Global services trade activity has likely weakened in the fourth quarter of 2022 and will remain subdued in the first few months of 2023, according to the latest Services Trade Barometer released by the World Trade Organization (WTO) on Thursday.
October's barometer index reading was 98.3, much lower than June's reading of 105.5, the report showed.
The barometer's baseline value is 100. Readings greater than 100 indicate above-trend growth, while a reading below 100 suggests lower growth.
The WTO attributed the lower reading to slowing growth in major economies weighing on the post-pandemic recovery, and a decline in real commercial services growth during the closing months of 2022.
The Global Services Trade Activity Index provides an approximate measure of the real volume of world services trade. /WTO
Global services trade volume surpassed its pre-pandemic peak during the second quarter of 2022, but began moderating in the third quarter and may slow further in the fourth, due to declining growth prospects in major service industry economies, the WTO said.
(Cover via CFP)
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Disinformation report hotline: 010-85061466