Balance of Payments: Services: Revenue for G7
G7B6CRSE01CXCUQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
837,215,700,000.00
Year-over-Year Change
25.12%
Date Range
1/1/1999 - 10/1/2024
Summary
The 'Balance of Payments: Services: Revenue for G7' trend measures the revenues earned by the G7 countries from international trade in services. This metric is crucial for economists and policymakers to assess a country's global competitiveness and service sector performance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series tracks the total revenue generated by the service sectors of the G7 economies, including tourism, transportation, finance, and other professional services. It provides insights into the relative strengths and comparative advantages of each nation's service industries within the global economy.
Methodology
The data is collected and reported by national statistical agencies and compiled by the International Monetary Fund.
Historical Context
Policymakers and analysts use this trend to evaluate trade balances, international competitiveness, and the overall health of the service-based economies.
Key Facts
- The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
- Services account for over 60% of global GDP.
- The United States is the world's largest exporter of services.
FAQs
Q: What does this economic trend measure?
A: The 'Balance of Payments: Services: Revenue for G7' trend measures the total revenue earned by the G7 countries from international trade in services, including tourism, transportation, finance, and other professional services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the relative strengths and comparative advantages of each G7 nation's service industries within the global economy, which is crucial for evaluating trade balances, international competitiveness, and the overall health of service-based economies.
Q: How is this data collected or calculated?
A: The data is collected and reported by national statistical agencies and compiled by the International Monetary Fund.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate trade balances, international competitiveness, and the overall health of the service-based economies of the G7 countries.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules and methodologies of the national statistical agencies and the International Monetary Fund, which may result in occasional delays or revisions.
Related Trends
Consumer Price Index: OECD Groups: All items non-food non-energy: Total for G7
G7CPGRLE01GPM
Infra-Annual Labor Statistics: Unemployment Female: From 15 to 24 Years for G7
G7LFUN24FESTQ
Infra-Annual Labor Statistics: Monthly Unemployment Total: From 15 to 24 Years for G7
G7LFHU24TTSTSAQ
Infra-Annual Labor Statistics: Working-Age Population Total: From 15 to 64 Years for G7
G7LFWA64TTSTSAQ
Infra-Annual Labor Statistics: Labor Force Total: From 55 to 64 Years for G7
G7LFAC55TTSTSAQ
Infra-Annual Labor Statistics: Unemployment Total: 15 Years or over for G7
G7LFUNTTTTSTQ
Citation
U.S. Federal Reserve, Balance of Payments: Services: Revenue for G7 (G7B6CRSE01CXCUQ), retrieved from FRED.