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Category Archives: Service Sector

Shock figures on UK economic growth

UK GDP actually fell by 0.5% in the fourth quarter of 2010, according to figures just released by the Office for National Statistics. This figure has come as a complete shock to economics observers, with most analysts predicting a growth figure of between 0.2% and 0.7%. Since the recovery started in the final quarter of 2009, we have seen four … Continue reading

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Net exports from the UK financial sector fell last year

Net exports of the UK financial sector fell by 17% in 2009 to £41.8bn. This was the second highest figure on record but was, not surprisingly, down from £50.6bn in 2008 as a result of the ‘credit crunch’. These figures were published yesterday by TheCityUK, an independent body which promotes the UK financial services industry. Although securities dealers contributed £1.4bn, … Continue reading

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Survey suggests continued growth in UK economy

The latest Economic Survey from the British Chambers of Commerce suggests that there was continued growth in the second quarter of 0.6% to 0.7%. The survey, which is based on data collected from over 5,600 businesses throughout the country found that domestic manufacturing sales surged by 29 points in the second quarter to +30% and manufacturing export sales rose by … Continue reading

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Service sector disappoints

Service sector sales and profits were poor during the past three months according to a survey released today by the Confederation of British Industry. The survey divides service sector firms into Business and Professional Services such as accountancy, legal and marketing firms, and Consumer Services such as hotels, bars and restaurants, travel and leisure. The value and volume of business … Continue reading

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How bad are the UK growth figures?

Gross Domestic Product (GDP) rose by only 0.2% in the first quarter of this year, compared with an increase of 0.4% in the previous quarter, according to the Office for National Statistics on Friday. This was lower than most economists expected. The first reason why it may not be as bad as feared, is that the initial estimate for the … Continue reading

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UK services growing at fastest rate for three years

A very highly rated measure of service activity is The Chartered Institute of Purchasing and Supply/Markit Index. This purchasing managers index rose to 58.4 in February from 54.5 in the previous month and any figure over 50 reflects growth in the sector. This was the highest level the index has reached since January 2007 and was above the level which … Continue reading

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Recession has ended, but only just.

Surprising figures just released by the ONS show that Gross Domestic Product (GDP) increased by 0.1% in the fourth quarter of 2009, compared with a decrease of 0.2% in the third quarter. This was put down to growth in both services and production.   However, this figure was quite surprising as most commentators were expecting a larger rise, even up … Continue reading

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Some positive signs for the economy

There was a 1.1% increase in the average UK house price in July, according to figures just published in the Halifax House Price Index. This was the second rise in the past three months and prices in the three months to July were 0.8% higher than in the previous three months. This means that so far this year house prices … Continue reading

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Service with a smile?

We are just seeing the first signs that the service sector is moving back into growth. The CIPS/Markit UK Services Purchasing Managers Index for May was published yesterday. This index covers transport & communication, financial intermediation, business services, personal services, computing & IT and hotels & restaurants. Responses are calibrated as to whether purchasing managers are reporting an improvement, deterioration … Continue reading

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