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Growth in the UK service sector increased in April

by LLB Reporter
4th May 17 1:28 pm

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According to a survey, activity in the UK’s service sector increased in April. New work is growing at its fastest pace this year.

The Markit/CIPS purchasing managers’ index (PMI) managed to rise to 55.8. This is its highest level in four months.

Any number above 50 indicates growth, it’s been higher than this for nine months in a row.

Despite this good news, Markit said prices charged within the sector have increased at their highest rate since July 2008.

The service sector accounts for around three-quarters of the UK economy.

Markit also stated that the strong performance from the sector as well as surveys from the construction and manufacturing sector suggest the economy is growing.

IHS Markit economist Chris Williamson, said: “The three surveys collectively point to GDP growing at a rate of 0.6 per cent at the start of the second quarter.”

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