Economic Buzz: UK Index of Services Drops In March

12 May 2022 , 02:14 PM

According to the Office for National Statistics, UK monthly services output fell by 0.2% between February and March 2022, reaching a level that was 1.5% above February 2020, which was the last month of normal trading conditions prior to the coronavirus (COVID-19) pandemic. There were falls in 7 of the 14 sectors in the Index of Services during March 2022. The largest negative contribution to growth was from wholesale and retail trade, which fell by 2.8%; however, this was offset by human health and social work activities, which grew by 1.5%. Services output for Quarter 1 (Jan to Mar) 2022 rose by 0.4%, compared with Quarter 4 (Oct to Dec) 2021; over this period, the largest contributor was information and communication, which grew by 3.6%.Powered by Commodity Insights