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1.5% increase in Index of Services compared with May 2012

Released: 25 July 2013 Download PDF

Figure 1: Index of Services

Figure 1: Index of Services
Source: Office for National Statistics

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The Index of Services increased by 1.5% in May 2013 compared with May 2012, following growth of 2.1% in April 2013 compared with April 2012. In order of their contribution to growth: distribution, hotels & restaurants increased by 3.6%; government & other services increased by 1.5%; business services & finance increased by 0.7%; and transport, storage & communication increased by 0.9%. Further detail on these movements can be found in the component analysis section.

Between April 2013 and May 2013 the Index of Services increased by 0.2%. The largest contribution to this growth came from distribution, hotels & restaurants, which increased by 1.2%; business services & finance also increased, by 0.3%.  In contrast, government & other services decreased by 0.3%, and transport, storage & communication decreased by 0.2%.

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 to its pre-contraction peak. By contrast, weaker growth in other industries means that GDP remains some 3.3% below the previous peak.

 

Source: Office for National Statistics

Background notes

  1. Services data are from the latest “Index of Services Bulletin” published on the 25th July 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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