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Service industries: Key Economic Indicators

Published Friday, November 3, 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

Preliminary estimates show that in Q3 2017 service sector output increased by 0.4% in real terms compared with Q2, the same as in the previous quarter.

In the three months to August 2017, services output increased by 0.4% compared with the three months ending May 2017. The biggest driver of this growth was the computer programming sector which grew 0.10% followed by retail trade at 0.08%.

Services output increased by 0.2% in August 2017 compared to July.

 Compared with a year before, services output increased by 1.7% in August 2017.

 

Purchasing Managers’ Index (PMI)

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

The UK services PMI increased slightly to 55.6 in October, up from 53.6 in September, following an eleven month low in August. Although it has remained above the 50.0 no-change value for fifteen consecutive months, the rate of expansion remained weaker than seen in the first half of the year. The PMI for Q3 as a whole was 53.5, down from 54.3 for Q2.

Commons Briefing papers SN02786

Author: Gloria Tyler

Topics: Economic situation, Service industries

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