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UK services sector growth falls to 16-month low

Monday, Feb 05 2018
UK services sector growth falls to 16-month low

The UK services sector grew at its slowest pace in January since the aftermath of the EU referendum as the economy got off to a sluggish start in 2018. The latest health check of a sector that includes hotels, restaurants, transport and the City from IHS Markit and the Chartered Institute of Procurement and Supply (CIPS) found that a loss of clients and lingering Brexit uncertainty had led to a dip in activity. The monthly purchasing managers’ index from IHS Markit/CIPS fell from 54.2 points in December to 53.0 in January, its weakest since September 2016 and only slightly above the 50.0 cut-off point between expansion and recession.

Services account for almost four-fifths of the UK’s gross domestic product, but similar surveys for manufacturing and construction released last week also showed signs of slower UK growth at a time when other major economies – the US, the eurozone and Japan – have been expanding strongly. Chris Williamson, the chief business economist at IHS Markit, which compiles the survey, said the three PMI surveys were consistent with the economy growing at 0.3% in the first three months of 2018 – down from 0.5% in the final quarter of 2017.

More in this category: « Spanish Services PMI rose to 56.9 ISM Non-Manufacturing PMI beat market expectations »

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