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Economic indicators are quick-read summaries of the latest data focusing on different aspects of the UK economy. The full suite of indicators can be found on the main Economic Indicators page.

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 April–June 2024.

Services Output 

There was an increase of 0.4% in the Index of Services between November and December 2024.

Services output increased by 0.2% in October to December 2024 compared with July to September 2024.

In October to December 2024, compared with October to December 2023, services output increased by 1.7%.

Chart and table showing changes in the Index of Services. Services output fell heavily during the covid-19 pandemic but then recovered during 2021. In recent months it has been increasing by about 1 to 2% per year.

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 January 2025 was 50.8, down marginally from 51.1 in December. Although business activity as a whole continued to grow, new work and employment both declined. Inflation accelerated, partly due to higher payroll costs. Business confidence was also down with businesses citing squeezed margins, weak customer demand and concerns about economic growth.

Chart and table showing the UK services PMI. The index fell sharply at the start of the covid-19 pandemic. Following its recovery, it dipped below the neutral 50 mark a few times in 2022 and 2023. In recent months it has been slightly above 50.

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