Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...
Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...
Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...
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II.4. Services<br />
With the exception of Azerbaijan <strong>and</strong> Armenia, which are primarily agricultural based<br />
economies, the BSEC region is characterised by an important services sector, which<br />
accounts for the bulk of economic activity (see Figure 5). Greece has the largest relative<br />
service sector, owing to its large shipping <strong>and</strong> tourism sectors. The average size of the<br />
service sector in the BSEC region is around 59% of GDP.<br />
Figure 5 Share of services in GDP in BSEC (2005)<br />
Greece<br />
70<br />
Turkey<br />
64<br />
Bulgaria<br />
60<br />
Russia<br />
56<br />
Georgia<br />
56<br />
Ukraine<br />
55<br />
Romania<br />
55<br />
Moldova<br />
Serbia <strong>and</strong> Montenegro<br />
52<br />
54<br />
BSEC<br />
Average (59)<br />
Armenia<br />
35<br />
Azerbaijan<br />
32<br />
Note: No data available for Albania<br />
Source: Estimations from author <strong>and</strong> World Bank World Development Indicators database, 2007<br />
BSEC countries have also managed to successfully compete in the international trading<br />
system in the area of services. This is particularly the case for countries like Albania, Bulgaria<br />
<strong>and</strong> Moldova, where trade in services represents over 25 percent of GDP. Moreover, most<br />
countries in BSEC register a positive trade balance for services. Greece has the largest<br />
surplus (at around US$20 billion), followed by Turkey (around US$ 15 billion). Russia has the<br />
largest deficit in services, at around (US$14 billion) (see Figure 6).<br />
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