LONDON (MNI) – Output from the UK services sector rose 1.2% in
July compared with the same month a year ago, National Statistics said
today.
On the month output rose just 0.2%, suggesting a weak start to Q3
for services, which provides the overwhelming bulk of UK economic
output.
Distribution including retail and wholesale sectors rose 0.6%
month-on-month. Hotels and restaurants rose 0.8 on the month and
transport rose 0.3% on the month.
But Business Services and Finance as well as Government – the two
weightiest sub sectors – fell 0.5% on the month.
On the year distribution rose 4.7%, with wholesale contributing
2.1 percentage points of the increase and retail 1.9pp.
Hotels and restaurants rose 0.9% on the year, transport rose 0.8%.
Business services and finance rose 1.5% from July 2009, NS said.
Government and other services fell 0.1% on the year.
This release will add to concerns within some on the Bank of
England Monetary Policy Committee that the pace of recovery may prove
too weak to prevent inflation undershooting its target in the medium
term.
–London newsroom: +44 20 7634 1624; email: ukeditorial@marketnews.com
[TOPICS: M$B$$$,MABDS$]
