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The service industries include the retail sector, the financial sector, the public sector, business administration, leisure and cultural activities.

The service industries accounted for 81% of total UK economic output (Gross Value Added) and 83% of employment in October–December 2023.

Services Output

There was an increase of 0.1% in the Index of Services between January and February 2024.

Services output increased by 0.2% in the three months to February 2024 compared with the three months to November 2023.

In the three months to February 2024, compared with the three months to February 2023, services output decreased by 0.1%.

Purchasing Managers’ Index (PMI)

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

The UK services PMI (PDF) in March was 53.1, down slightly from 53.8 in February. New work and employment were both up, but the increases were smaller than in previous months. Input costs and prices charged both continued to increase. Business confidence remained relatively strong.


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