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Service industries: Key Economic Indicators

Published Thursday, May 3, 2018

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 2017, the service industries accounted for 79% of total UK economic output (Gross Value Added) and accounted for 83% of workforce jobs in September 2017.

Services Output

In the three months to February 2017, services output increased by 0.4% compared with the three months ending November 2017. The largest contributions to growth over the quarter came from business services and finance which contributed 0.26% points.

Compared with a year before, services output increased by 1.3% in the three months to February 2018; the same level as in the three months to January 2018. Services output decreased by 0.2% in February 2018 compared to January 2018, the lowest month-on-month services growth since February 2017.

Purchasing Managers’ Index (PMI)

In the Markit/CIPS PMI, a value of 50 means that there is no change compared to the previous month. Values above 50 indicate an expansion, and values below 50 a contraction.

The UK services PMI increased to 52.8 in April 2018 from 51.7 in March. The April value was the second lowest level of growth seen since September 2016, following the March value which was the lowest level seen since July 2016

 

Commons Briefing papers SN02786

Author: Gloria Tyler

Topics: Economic situation, Service industries

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