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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 October to December 2024.

Services Output 

There was an increase of 0.1% in the Index of Services between December 2024 and January 2025.

Services output increased by 0.4% in November 2024 to January 2025 compared with August to October 2024.

In November 2024 to January 2025, compared with November 2023 to January 2024, services output increased by 1.6%.

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 February 2025 was 51.0, up marginally from 50.8 in January. Business activity was expanding and cost inflation was down. However, employment was down sharply, and both new business and export sales decreased. Although expectations of activity over the next 12 months were still positive, business confidence overall fell.

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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