Global trade in services has shown signs of weakening in the last quarter of 2022, activity that is likely to remain "moderate" in the first months of 2023, warned the World Trade Organization (WTO) when publishing last Thursday (22.12.2022) the results of the half-yearly barometer of the tertiary sector.
The business confidence indicator, which indicates expansion above 100 and contraction in services below that threshold, This time it stood at 98,3, well below the previous reading of 105,5, last June.
The barometer corresponds to a year in which the services sector finally recovered its pre-pandemic figures in the second quarter of 2022 and that pace was expected to continue in the third quarter, encouraged by spending on travel, technological and financial services.
However, from mid-year onwards the sector began to slow down and its slowdown increased in the last quarter, due to uncertainty about the evolution of the main economies of the world at a time of inflation, geostrategic conflicts and energy and food crises.
However, three of the six sub-indexes used to compile the barometer still showed growth: financial transactions (107,8), technological services (103,2) and demand for air transport (105,2).
In contrast, three others remained below 100: construction services (92,9), container transport (92,8), and also the services purchasing managers' index (PMI) (91,1).WTO Press Release)
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