# Services Sector Export in Europe
## 5 Conclusions  
In the present research, we have considered the changes that occurred in service exports in European countries in the period of 2005-2016. We have discovered that in this period, European countries experienced considerable changes in a range of indicators and tendencies characteristic of service exports. One of these tendencies is prominent growth in service exports in relation to growth in goods exports, and correspondingly, growth in the share of service exports in total exports. From 2005 to 2016, service exports in European countries increased by 60.1%. In the same period, goods exports increased by 33.7%. However, the trend of the share service exports growth in the general volume of export is not common for all European countries but only for 65.8% of the countries explored in this study. In the period of 2005-2016, in European countries, the share of service exports in total exports, increased from 24% to 27.4%. We have calculated that the share of service exports in the European countries in 2016 was 2.6% higher than the share of service exports in the world. Figure 5: Changes in the share of service exports and goods exports in Europe in 2005–2014. Data compiled by the authors based on data from the International Trade Centre UNCTAD/WTO (2016) from the respective countries. We have also discovered that the trend of growth in the share of service exports in total exports is in line with the tendency of growth in the share of service exports in GDP. The rates of growth in the share of service exports in GDP in the considered European countries were higher, amounting to 33.3% compared to the rates of growth in the share of service exports in total exports, which constituted 14.2%. In the considered period, in different European countries, the heterogeneity of export structure between service exports and goods exports grew by 13 percentage points, which might be the evidence of changes and/or an increase in the number of factors with an impact on the development of service exports in different countries. We have also found that there is a strong positive correlation between high service export growth rates and high GDP growth rates and between high service export growth rates and high GDP per capita growth rates. The conducted regression analysis demonstrates that growth in GDP of 1% on average corresponds to the growth in service exports of 1.96%. It follows from the regression equation that an increase in the GDP per capita growth rate of 1% corresponds to average growth in service exports of 1.704%. This finding confirms the conclusions of the previous studies arguing that the growth of service sector exports is associated with income growth [2; 47]. At the same time, using the analysis of variance (ANOVA), we have established that categorizing a country in the group of \"Innovation Leaders\" according to the European Innovation Scoreboard [38] classification does not guarantee higher rates of service export growth. This finding is in line with some previous studies that explored service exports in the Scandinavian countries considered as innovation leaders in Europe [48]. Furthermore, we have presented evidence that shows that service exports are less sensitive to adverse macroeconomic effects than goods exports. Further research might extend the analysis of service exports to other geographical contexts. Subsequent studies could explore changes in service exports in various industries in Europe and elsewhere. Future research can also include the time trend in the regression model and run multivariate data analysis, (We are thankful to an anonymous reviewer for this suggestion). Both authors contributed significantly to the completion of this manuscript. [PERSON] designed the concept of the paper, wrote the main part of the literature review, and collected and analyzed the data. [PERSON] contributed to the theoretical review, conclusions and limitations of the study. This paper is an output of a scientific project supported by RISEBA University.