The seasonally adjusted Index of Services was estimated to have increased by 0.8% in January 2013 compared with January 2012. In order of their contribution to growth: business services & finance increased by 0.8%; government & other services increased by 0.9%; distribution, hotels & restaurants increased by 1.3%; transport, storage & communication increased by 0.2%.
Between December 2012 and January 2013 the Index of Services was estimated to have increased by 0.3%. In order of their contribution to the rise in the latest month: transport, storage & communication increased by 1.3%; government & other services increased by 0.3%; business services & finance increased by 0.2% and distribution, hotels & restaurants output was flat.
There was some feedback from businesses in the distribution, hotel & restaurants sector that heavy snow fall in the period reduced growth in January 2013.
The Index of Services has not followed the same path as GDP. Following the decline in 2008/2009, total services has grown steadily and surpassed its pre-recession peak, with the latest monthly estimates showing output strengthening in January 2013. The weakness seen in the output measure of GDP can be largely contributed to weakness in 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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