World trade in services grows in second quarter despite war in Ukraine: WTO
Despite the war in Ukraine, world trade in services continued to grow in the second quarter of this year, the World Trade Organization (WTO) said on Thursday.
The WTO services trade barometer came in at 105.5 for the second quarter, well above the previous reading of 102.5 in September 2021.
Among the components of the barometer, the air passenger transport index recorded the strongest increase, to 117.1.
It was followed by the services purchasing managers index at 105.1 and information and communication technology services at 104.2.
The financial services index, on the other hand, lost momentum and came in at 101.7.
The WTO said the services trade activity index has shown slow but steady growth since hitting a low in the second quarter of 2020 at the onset of the COVID-19 pandemic.
“The index continued to move towards recovery in the fourth quarter of 2021 with a 15.6% year-on-year increase, although it remained 8.9% below its pre-pandemic peak in the second quarter. 2019,” read a statement from the WTO.
Numbers above 100 suggest above-trend growth, while those below 100 indicate the opposite, according to the WTO.
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