Service industries: Key Economic Indicators

Gloria Tyler

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Service industries: Key Economic Indicators

Published Thursday, January 16, 2020

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, leisure and cultural activities.

In 2018, the service industries accounted for 81% of total UK economic output (Gross Value Added). Services accounted for 84% of workforce jobs in September 2019.

Services Output

Compared to a year before, services output in November 2019 increased by 0.8%. This is the smallest growth in the service sector for over eight years, since October 2011.

Services output for the three months to November 2019 increased by 0.1% compared with the previous three months. This is the lowest level of growth since July 2016.

The real estate sector was the biggest contributor to growth in the services sector in the most recent three months.

Output in services

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 50.0 in December 2019, up from 49.3 in November. This is the biggest upwards movement in the Services PMI since July 2019, but the index remains historically low.

Markit/CIPS reported higher than expected customer demand at the end of 2019, partly explained by lessening political uncertainty following the general election.

PMI