Services gain importance in economic activity worldwide, but their GDP contribution varies across economies: UNCTAD

New Delhi, Sept. 5 -- Services account for a growing share of economic activity, although their contribution to the gross domestic product (GDP) of different economies varies, said a United Nations Conference on Trade and Development (UNCTAD) report released here on Saturday.

The report noted that services account for roughly 70pc of GDP and employment in developed economies. On the other hand, in developed economies, they're generating more than half of economic activity, with variations across different groups of countries.

It contributes 66pc of GDP in small island developing states (SIDS) to 42pc in least developed countries (LDCs).

UNCTAD report said that the share of services in GDP also increased globally from 63pc in 2013 to 65pc...