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.

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

The Index of Services registered a fall of 19.0% between March and April 2020.  There was 9.9% negative growth in services in the three months to April 2020 compared with the previous three months to January 2020.  In the three months to April 2020, compared with the three months to April 2019, services output decreased by 9.1%. 

Purchasing Managers’ Index (PMI)

In the Markit/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 was 47.1 in June 2020, compared with 29.0 in May. Demand was reported to still be low, resulting in excess capacity, and staffing levels fell again; however, over half of businesses in the survey expected business activity to increase in the year ahead.