The seasonally adjusted Index of Services increased by 2.2% in February 2013 compared with February 2012, following growth of 0.8% in January 2013 compared with January 2012. In order of their contribution to growth: business services & finance increased by 2.0%; distribution, hotels & restaurants increased by 4.5%; government & other services increased by 1.2%; and transport, storage & communication increased by 1.8%. Further detail on these movements can be found in the sector analysis section.
Between January 2013 and February 2013, as seen in figure 3, the Index of Services increased by 0.8%. This growth reflects widespread increased across all industries within all four components of the service sector. In order of their contribution to the rise in the latest month: distribution, hotels & restaurants output increased by 2.1%; business services & finance increased by 0.7%; transport, storage & communication increased by 0.8%; and government & other services increased by 0.3%.
The Index of Services has not followed the same path as GDP. Following the decline in 2008/2009, total services has grown, surpassing its pre-recession peak in August 2012, and its February 2013 level represents another new peak. The weakness seen in the output measure of GDP can be largely attributed to the production and construction industries. GDP (output, income and expenditure) is still around 3% below its pre-recession peak.
Source: Office for National Statistics
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