The Index of Services increased by 2.0% in April 2013 compared with April 2012, following growth of 1.6% in March 2013 compared with March 2012. In order of their contribution to growth: government & other services increased by 2.1%; distribution, hotels & restaurants increased by 3.2%; business services & finance increased by 1.4%; and transport, storage & communication increased by 1.9%. Further detail on these movements can be found in the component analysis section.
Between March 2013 and April 2013 the Index of Services increased by 0.2%. By far the largest contribution to this growth came from transport, storage & communication, which increased by 1.3%. Government & other services increased by 0.1%, while both business services & finance and distribution, hotels & restaurants remained flat.
The Index of Services has not followed the same path as GDP. Slow but generally steady growth since 2010 has reversed most of the decline seen in 2008 and 2009, with services output very close to its pre-recession peak. By contrast, output in the production and construction industries is close to or below the troughs recorded in 2009; the weakness seen in the output approach to the measurement of GDP can be largely attributed to these industries. GDP (output, income and expenditure) is still around 3.9% below its pre-downturn peak.
Source: Office for National Statistics
Services data are from the latest “Index of Services Bulletin” published on the 28th June 2013.
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