The Index of Services increased by 1.6% in March 2013 compared with March 2012, following growth of 2.1% in February 2013 compared with February 2012. In order of their contribution to growth: business services & finance increased by 2.3%; government & other services increased by 1.2%; distribution, hotels & restaurants increased by 1.5%; and transport, storage & communication increased by 0.8%. Further detail on these movements can be found in the component analysis section.
Between February 2013 and March 2013, the Index of Services increased by 0.2%. This growth was led by business services & finance, which increased by 0.5%; and government & other services, which increased by 0.4%. In contrast, distribution, hotels & restaurants decreased by 0.2%; and transport, storage & communication decreased by 0.5%.
The Index of Services has not followed the same path as GDP. Following the decline in 2008/2009, total output has grown, surpassing its pre-downturn peak in August 2012 and its March 2013 level represents another new peak. The weakness seen in the output approach to the measurement of GDP can be largely attributed to the production and construction industries. GDP (output, income and expenditure) is still around 2.6% below its pre-downturn peak.
Source: Office for National Statistics
Services data are from the latest “Index of Services Bulletin” published on the 23rd May 2013.
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