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Service industries: Key Economic Indicators

Published Friday, June 16, 2017

Service industries: Data for the sector that incorporates the retail sector, the financial sector, the public sector, business administration and cultural activities.

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The service industries include the retail sector, the financial sector, the public sector, business administration and cultural activities.

In 2016, the service industries accounted for 80% of total UK economic output (Gross Value Added) and accounted for 84% of workforce jobs in December 2016.

Services Output

Output grew by 0.2% in March 2017 compared to February.

Compared with a year before, it has increased by 2.7%.

 

Purchasing Managers’ Index (PMI)

The Markit/CIPS UK Services PMI is an important indicator of output and confidence in the sector.

In May 2017 the index was 53.8, a fall from 55.8 in April. The index has been above the 50.0 no-change value for ten consecutive months.

July’s substantial fall (to 47.4) after the EU referendum has proved to be temporary with the levels for the end of the year similar to those seen shortly before the EU referendum. Stronger activity growth was linked to supportive UK economic conditions and greater client demand.

Commons Briefing papers SN02786

Author: Gloria Tyler

Topics: Economic situation, Service industries

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