While the growth in services is generally desirable, the expansion of China s financial services currently the economy s fastest growing service industry is generating serious risks.

India s growth experience suggests that a global service revolution  rapid growth and poverty reduction led by services is now possible.

Continuing the shift to a services led growth model is important for a number of reasons.

In fact, in the first half of this year, services accounted for more than half of total economic growth.

from mid 1997 until the end of 2000 , the euro area rate of unemployment fell slightly between January and April 2001 , stabilised between May and August and increased in the latter part of the year , in line with the slowdown in employment growth ( see Chart 19 ) .

For starters, services are far more labor intensive than the country s traditional growth sectors.

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Yet services offer more than just a labor intensive growth path.

However , some counterbalancing effects were observed within sub sectors the increase in market related services ( which include trade , hotels and restaurants , finance and business services ) in the first two quarters eased in the third quarter , whereas the growth rate in non market related services increased in the third quarter .

This stronger growth will benefit emerging markets that export goods and services to the US.

0.0 Sources Eurostat and ECB calculations .

Services led growth is, in many ways, the antidote to the unstable, unbalanced, uncoordinated, and ultimately unsustainable growth model that former Premier Wen Jiabao s famously criticized in 2007.

ECB Annual Report 2003 Public perception of past inflation , as measured by the European Commission 's qualitative indicator of perceived inflation over the past 12 months , showed a gradual decline in the first half of 2003 .

World trade in goods and services is exhibiting impressive growth figures, and we are pleased about this.

The recent inversion of this relationship suggests that the structure of Chinese growth is starting to tilt toward services.

Growth in high end services employment is matched by contraction in high employment components of manufacturing supply chains.

First, services growth is beginning to tap a new source of labor income generation, the mainstay of consumer demand.

For the fourth successive year , net trade in goods and services provided a positive , albeit small , stimulus to growth , underpinned by subdued growth in relative unit labour costs and , as a result , improvements in competitiveness . The rise in domestic demand was linked to an improvement in investment growth and an increase in stockbuilding , while growth in private consumption was unchanged and government consumption was weaker than in 1996 .

A sectoral analysis shows that productivity growth has declined , especially in market services that make more intensive use of information and communication technologies ( ICT ) , such as those provided by the distribution , financial and business services sectors 5 .

With Chinese services requiring about 30 more workers per unit of output than manufacturing and construction, combined, the economy s structural rebalancing is now shifting growth to China s lower productivity services sector.

In other words, a 7 8 growth trajectory in an increasingly services led economy can hit the same labor absorption targets that required 10 growth under China s previous model.

Included are agents commissions , insurance brokering and agency services , insurance and pension consultancy services , evaluation and adjustment services , actuarial services , salvage administration services , and regulatory and monitoring services on indemnities and recovery services .

In indicator of achievement (c), insert efficient before support services .

These developments first convergence, and now faster services growth stand in sharp contrast with earlier trends.

And, as long as domestic demand remains depressed, structural reforms privatization and liberalization of labor markets and professional services are unlikely to deliver the needed growth.

From this perspective, there is good reason for optimism, especially given accelerated growth in China s services sector one of the key building blocks of a consumer led rebalancing.

activity , considering that a large proportion of business services are related to the production process in the industrial sector .

A rebalanced China can grow more slowly for one simple reason By drawing increased support from services led consumer demand, China s new model will embrace a more labor intensive growth recipe.

It is premature, of course, to conclude that a services led transformation to slower growth is now at hand.

Overall , the degree of dispersion in the upward movement of services prices across the euro area countries remained higher than that observed for the Harmonised Index of Consumer Prices ( HICP ) as a whole .

India already has a large service sector, which has been a major source of growth.

But a return to high growth in developing countries requires that they resume their push into tradable goods and services.

In good times, the trade generated by a country s growth bolsters global growth.

It started to shift the economy s base from export oriented industries to domestic growth, and from manufacturing to services.

Chinese economic experts say that the output of the service sector is growing fast enough to offset growth in industrial output of 5 or even less, thereby achieving the current overall growth rate of about 7 .

Xinshen Diao of the International Food Policy Research Institute has shown that this growth was led by non tradable services, in particular construction, transport, and hotels and restaurants.

Assessing the results and evaluating performance

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Admittedly, the problem is worse in the government sector, where productivity growth is much slower even than in other service industries.

The initiative for an integrated and efficient EC payments market is one of the key actions of the Community Lisbon programme5 and makes an essential contribution to the Lisbon partnership for growth and employment6 , and is in line with recent EC financial market policy objectives ( e.g. Financial Services Action Plan ) .

Enhancing competition , especially in services and network industries , is essential at this juncture to support price stability and enhance productivity growth .

India, which has recently experienced Chinese rates of growth, has bucked the trend by relying on software, call centers, and other business services. This has led some to think that India (and perhaps others) can take a different, service led path to growth.

Likewise, the European Council has agreed on a new Compact for growth and jobs that identifies a specific European dimension of growth policies, mainly integration of energy, transport, communications, and services, together with higher infrastructure investment.

In the first half of 2013, services output (the tertiary sector) expanded by 8.3 year on year markedly faster than the combined 7.6 growth of manufacturing and construction (the secondary sector).

Cynthia Breazeal The rise of personal robots