TOP NEWS: UK Services Sector Growth In 2018 Is Weakest In Seven Years

LONDON (Alliance News) - The UK in 2018 saw its weakest annual services growth since 2011, the ...

Alliance News 11 February, 2019 | 10:24AM
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LONDON (Alliance News) - The UK in 2018 saw its weakest annual services growth since 2011, the Office for National Statistics showed on Monday.

The ONS's monthly Index of Services provides an indicator of growth in the output of the services industries, a sector which accounted for almost 80% of UK GDP in 2016.

For 2018 as a whole, the index of services grew 1.7% on 2017, the weakest growth since 2011.

In the fourth quarter alone, services output increased by 0.4%, on a quarter-on-quarter basis, slowing from 0.5% growth in the third quarter.

The professional, scientific & technical activities sector was the largest contributor to services growth in the fourth quarter, the ONS said, increasing by 1.5% and contributing 0.15 percentage point to the overall figure.

On a monthly basis, the overall index of services fell 0.2% in December, the worst result since February 2018.

Dragging on the December reading was the wholesale, retail & motor trade sector, which contributed the most to the monthly decrease. It fell by 0.8% and contributed a negative 0.11 percentage point.

By Lucy Heming;

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