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Service industries: Key Economic Indicators
Service industries: Data for the sector that incorporates the retail sector, the financial sector, the public sector, business administration and cultural activities.
Jump to full report >>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 2018.
Services Output
In the three months to December 2018, services output increased by 0.4% compared with the three months ending September 2018. The professional, scientific and technical activities sector made the largest contribution to this growth.
Services output decreased by 0.2% between November and December, the lowest monthly growth since February 2018.
Services output for 2018 increased by 1.7% compared with 2017. This is the lowest annual services growth since 2011.
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 was 50.1 in January 2019. This was down from 51.2 in December, the lowest reading for two-and-a-half years and the second-weakest reading since December 2012.
Political uncertainty was cited as a prime reason for caution. There was a small fall in employment, combined with higher pay adding to input costs.
Business confidence rebounded slightly from December's 29-month low, but was still one of the lowest seen since early 2009.
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