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Service industries: Key Economic Indicators

Published Tuesday, September 5, 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 Q2 2017 service sector output increased by 0.5% in real terms compared with Q1, greater than growth of 0.1% in the previous quarter.

Output grew by 0.2% in May 2017 compared to April.

Compared with a year before, it has increased by 2.4%.

 PMI

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 fell up to 53.2 in August, from 53.8 in July. It has remained above the 50.0 no-change value for the thirteenth month running.

Commons Briefing papers SN02786

Author: Gloria Tyler

Topics: Economic situation, Service industries

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