Private Services In Europe
Jan 18, 2001

According to a report produced by David Owen of Dresdner Kleinwort Benson, European private services, which account for roughly 46% of Gross Domestic Product in the old continent, have been growing at a 5% average rate. The extraordinarily fast growth by any historical account may well be the result of an emerging new economy in Europe where manufacturing was for the most part of the century the engine of growth. The new sources of growth may be found in small and medium size companies providing business services such as professional and technical services. This new trend has been difficult to track by European authorities including the European Central Bank due to the lack of reliable statistical data documenting small and medium services firms, particularly in some of the EU member countries. Employment in the services sector is also expected to be higher than documented as a result of part time employment in these small and medium size services providers.