Market services in 2008#Report on the accounts

Market services registered their weakest production growth since 1994, gaining 1% in real terms compared with 3.1% in 2007. Employment followed the same trend, rising 1.1% versus 3.1% the previous year. Most service activities lost momentum as a result of the banking and financial crisis, the erosion of real household income, and worsening economic conditions. IT (information technology) services and telecommunications grew in real terms, but by a slacker 4.5% and 2.9% respectively. Engineering exports quickened growth in architecture, engineering, and inspection services to 5.1%. These categories, along with ICTs and real-estate rental, were the main drivers of service-sector growth. The activities hardest hit by the crisis were real-estate development (down 7.6%), temporary work (down 3.3%), and legal, accounting, and consulting services (up 0.2%): they lost between 6.5 and 10.9 points of growth compared with 2007. Travel agencies, tourist hotels,cafés and restaurants all experienced a downturn in 2008. By contrast, activity in the cinema and liveentertainment sector proved more buoyant than in 2007.