Service industries: Key Economic Indicators

Gloria Tyler

Service industries: Key Economic Indicators

Published Friday, May 25, 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 March 2018, services output increased by 0.3% compared with the three months ending December 2017. The largest contributions to growth over the quarter came from business services and finance which contributed 0.18% points.

Compared with a year before, services output increased by 1.2% in the three months to March 2018. Services output increased by 0.1% in March 2018 compared to February 2018, following a fall of 0.3% in February 2018.

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