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Service Industry Contributes over Two-thirds of Global GDP

Yi Xiaozhun, Deputy Director-General of World Trade Organization(WTO)gave a speech at the Global Trade in Services Summit of the 5th CIFTIS, he expressed, in the digital age, the trend of world economy dominated by service industry is becoming increasingly prominent. Specifically, services account for more than two-thirds of global GDP, attracting more than three-quarters of foreign direct investment, employing more workers and creating more new jobs in the world. At the national level, the growing share of services in GDP is common case, especially in middle-income countries. Normally, people might think the proportion of manufacturing and agriculture will drop in accompany with the increase of services sector. But this is not entirely the case. Although manufacturing's share of global GDP fell from 20% in 1997 to 15% t in 2015, global net manufacturing output rose by 44%, mainly due to the dramatic increase of manufacturing productivity, and the more and better investment in service industry.