Recital 5

(5)There is an increasing need for data on services, in particular business services. Statistics are needed for the economic analysis and policy formulation on what is the most dynamic sector of modern economies, especially in terms of its potential for growth and employment creation. The Lisbon European Council meeting of 23 and 24 March 2000 highlighted the importance of services. The measurement of turnover broken down to detailed service products is a necessary prerequisite for a true understanding of the services’ role in the economy. The Stockholm European Council meeting of 23 and 24 March 2001 concluded that the creation of effectively functioning internal markets for services is one of Europe’s highest priorities. Statistics by detailed service products on cross-border trade are essential for monitoring the functioning of internal markets for services, evaluating the competitiveness of services and assessing the impact of barriers on trade in services.