Single Market For Services - A Pillar Of The European Union’S Economic Development

The single market for services is an essential pillar of the European Union’ economy, with a significant contribution to its growth and integration. The paper aims to highlight the role of the single market for services in supporting the development of the service sector, based on the main indicators reflecting the contribution of this sector to the EU economy.This research relies on data from EU institutions and international organizations and employs relevant indicators to analyse the main characteristics of service sectors in the Member States, as well as their significant role in the EU economy. The analysis shows that fully unlocking the potential of the single market for services and increasing its contribution to the EU economy rely on completing a sectoral regulatory framework that supports intra-EU trade in services. The high level of specialisation in many areas of performant services has contributed to the growth of extra-EU trade in services, with external demand for services supporting also the development of the services sector at EU level. The research conclusions highlight that the single market for services represents a pillar of the EU economy, the diversity and complexity of services influencing the evolution of all economic indicators and prosperity within the EU.