Service industries: Key Economic Indicators

Gloria Tyler

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Service industries: Key Economic Indicators

Published Friday, August 9, 2019

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 2017, the service industries accounted for 79% of total UK economic output (Gross Value Added). Services accounted for 83% of workforce jobs in September 2018.

Services Output

Services output for the three months to May 2019 increased by 1.6% compared with the previous three months.

Information and communication was the biggest contributor to growth in the services sector in the most recent quarter.

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 51.4 in July, up from 50.2 in June 2019.

This is the highest the services PMI has been in nine months, but remains, in the words of Markit/CIPS “well below the trend recorded since the recovery from the global financial crisis began in the second half of 2009.”