The Index of Services increased by 2.8% in June 2013 compared with June 2012, following growth of 1.4% in May 2013 compared with May 2012. In order of their contribution to growth: business services & finance increased by 2.7%; distribution, hotels & restaurants increased by 5.2%; transport, storage & communication increased by 3.4%; and government & other services increased by 1.1%. Further detail on these movements can be found in the component analysis section.
Between May 2013 and June 2013 the Index of Services remained flat. The largest upward contribution to growth came from business services & finance which increased by 0.2%, government & other services increased by 0.1%. In contrast, the largest downward contribution to growth came from transport, storage & communication which decreased by 0.7% and distribution, hotels & restaurants 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, so that services output is now only 0.2% below its pre-contraction peak. By contrast, weaker growth in other industries means that GDP remains some 3.0% below the previous peak.
Source: Office for National Statistics
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