Trade in services in Small states
Small states: Trade in services was 69.2% in 2024. ▲ Rising
Trade in services in Small states, 1979–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
In 2024, trade in services in Small states stood at 69.2%. That is the highest value across all 44 years on record.
The figure is up 5.8% on the previous year and up 40.6% over ten years.
Over the whole period, trade in services in Small states peaked at 69.2% in 2024 and was at its lowest, 29.3%, in 1982.
Small states ranks 2nd of 47 groups on this measure, in the top 10%.
The long-run direction has been consistently rising across the 44 years of available data.
Trade in services in Small states, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1979 | 30.9% | — |
| 1982 | 29.3% | -5.1% |
| 1983 | 29.5% | +0.6% |
| 1984 | 29.8% | +0.8% |
| 1985 | 31.1% | +4.5% |
| 1986 | 33.9% | +9.0% |
| 1987 | 33.4% | -1.4% |
| 1988 | 34.3% | +2.6% |
| 1989 | 36.7% | +6.9% |
| 1990 | 36.2% | -1.2% |
| 1991 | 35.4% | -2.2% |
| 1992 | 37.0% | +4.4% |
| 1993 | 36.5% | -1.3% |
| 1994 | 37.3% | +2.2% |
| 1995 | 37.2% | -0.4% |
| 1996 | 38.2% | +2.8% |
| 1997 | 37.8% | -1.2% |
| 1998 | 38.3% | +1.5% |
| 1999 | 37.9% | -1.1% |
| 2000 | 39.3% | +3.7% |
| 2001 | 37.9% | -3.8% |
| 2002 | 36.4% | -3.9% |
| 2003 | 35.5% | -2.4% |
| 2004 | 38.2% | +7.8% |
| 2005 | 38.1% | -0.3% |
| 2006 | 37.2% | -2.4% |
| 2007 | 38.8% | +4.2% |
| 2008 | 42.4% | +9.2% |
| 2009 | 45.4% | +7.2% |
| 2010 | 44.6% | -1.8% |
| 2011 | 45.9% | +2.8% |
| 2012 | 46.4% | +1.2% |
| 2013 | 48.6% | +4.7% |
| 2014 | 49.2% | +1.2% |
| 2015 | 50.5% | +2.7% |
| 2016 | 52.9% | +4.7% |
| 2017 | 51.5% | -2.6% |
| 2018 | 53.9% | +4.6% |
| 2019 | 56.5% | +4.9% |
| 2020 | 52.6% | -6.9% |
| 2021 | 56.3% | +7.0% |
| 2022 | 62.9% | +11.6% |
| 2023 | 65.4% | +4.0% |
| 2024 | 69.2% | +5.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 30.9% | 30.9% | 30.9% | 1 |
| 1980s | 32.3% | 29.3% | 36.7% | 8 |
| 1990s | 37.2% | 35.4% | 38.3% | 10 |
| 2000s | 38.9% | 35.5% | 45.4% | 10 |
| 2010s | 50.0% | 44.6% | 56.5% | 10 |
| 2020s | 61.3% | 52.6% | 69.2% | 5 |
Countries ranked near Small states
More economy & growth data for Small states
- Services, value added (current US$), annual growth rate 10.27 % change on previous year (2025)
- Industry (including construction), value added (current US$), per 4,010 current US$ per person (2025)
- Services, value added 214.20 billion current US$ (2025)
- Services, value added 163.36 billion constant 2015 US$ (2025)
- Services, value added 63.5% (2025)
- Industry (including construction), value added (constant 2015 US$) 9.82 % change on previous year (2025)
- Industry (including construction), value added (constant 2015 US$) 0.2157 constant 2015 US$ per US$ of GDP (2025)
- Industry (including construction), value added (constant 2015 US$) 3,576 constant 2015 US$ per person (2025)
- Gross value added at basic prices (GVA) (current US$), annual growth 9.16 % change on previous year (2025)
- Services, value added (constant 2015 US$), per capita 8,029 constant 2015 US$ per person (2025)
Frequently asked questions
- What is trade in services in Small states?
- Trade in services in Small states was 69.2% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest trade in services recorded in Small states?
- The highest recorded value was 69.2% in 2024.
- What is the lowest trade in services recorded in Small states?
- The lowest recorded value was 29.3% in 1982.
- How does Small states rank for trade in services?
- Small states ranks 2nd out of 47 groups with data for 2024.
- Is trade in services rising or falling in Small states?
- Over the last ten years it is up 40.6%. The long-run trend across the full record is rising.
- Where does this Small states data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Trade in services (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Total trade in services includes services provided by residents to non-residents plus services provided by non-residents to residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.