Market services in 2023 : price rises almost catch up with volume growth

After two years of strong growth, value added (VA) in market services will rise more modestly in 2023, by 2.5% in volume terms. This is less than in agriculture and industry-construction (+4.9% for both branches), but more than in trade-transport-financial services, where VA falls sharply (-1.9%). After three years of contraction, the VA share of market services in the economy has risen again, to 35.8% of GDP. The VA of industry-construction increased its share of GDP the most. The VA of accommodation-catering and market arts, entertainment and recreation will be the most dynamic in 2023, as the recovery from the crisis continues, as will that of information-communication, which had barely fallen by 2020.

Output in volume terms is particularly buoyant in these same three branches, but at a faster rate than VA for market arts, entertainment and recreational activities, much less so in accommodation and catering, and at the same rate in information and communication. Real estate, on the other hand, has come to a standstill.

Investment in market services has also come to a sudden halt after two years of growth, due in particular to the crisis in the real estate market. Household consumption of services continues to grow (+3.0%), but at a more moderate pace than in previous years. Foreign trade has continued to grow since 2020, but the surplus has fallen to almost €3.6 bn, its lowest level since 2019.