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
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