Nearly 70% now work in the EU’s service sector

Almost 70% of employed persons (which includes both employees and self-employed) in the 27 EU member countries, worked within the service sector in 2011. This was a sharp increase from the 62% recorded in 2000. These figures are according to the Labour Force Survey and have been made available this month by Eurostat. There is a distinction made in the … Continue reading

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UK GDP falls in the last quarter of 2011

UK GDP shrank by 0.2% in the final three months of last year, according to figures just published by the Office for National Statistics. This is the first fall since the last quarter of 2010. Most economists had expected a drop of 0.1%, although this is only a preliminary estimate and may well be corrected at a later date. The … 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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UK growth better than originally thought

Revisions by the Office of National Statistics show that Gross Domestic Product fell by 0.6% in the three months from April to June this year. The first estimate had been a decline of 0.8% which was subsequently downgraded to 0.7% and now 0.6%. This means that GDP is now 5.5% lower than the second quarter of 2008.   What caused … 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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