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1.8% increase in Index of Services compared with July 2012

Released: 27 September 2013 Download PDF

Figure 1: Index of Services, July 2013

Figure 1: Index of Services, July 2013
Source: Office for National Statistics

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The Index of Services increased by 1.8% in July 2013 compared with July 2012, following growth of 2.8% in June 2013 compared with June 2012. In order of their contribution to growth: business services & finance increased by 2.1%; distribution, hotels & restaurants increased by 4.2%; and transport, storage & communication increased by 2.4%. In contrast, government & other services decreased by 0.3%.

Between June 2013 and July 2013 the Index of Services increased by 0.2%. The largest upward contribution to growth came from business services & finance, which increased by 0.3%. Distribution, hotels & restaurants, and government & other services increased by 0.4% and 0.1% respectively. The only downward contribution to growth came from transport, storage & communication, which decreased by 0.1%.

In recent years, services have followed a different path from gross domestic product (GDP) overall. Growth in the Index of Services since 2010 has reversed most of the decline seen in 2008 and 2009; in Q2 2013, the Index of Services was 0.3% below its peak level in Q1 2008. By contrast, GDP remains some 3.0% below the previous peak; the difference is primarily due to weakness in the construction and production industries during 2011 and 2012.

Source: Office for National Statistics

Background notes

  1. Services data are from the latest “Index of Services Bulletin” published on the 27th September 2013.
  2. Details of the policy governing the release of new data are available by visiting www.statisticsauthority.gov.uk/assessment/code-of-practice/index.html or from the Media Relations Office email: media.relations@ons.gsi.gov.uk

Content from the Office for National Statistics.
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