UK service sector output contracts in April
Figures from the Office for National Statistics (ONS) have today revealed output in the UK’s closely-watched service sector dived in April.
According to the ONS, service sector output contracted by 1.2% in April on a monthly basis – the biggest fall since January 2010 – when the country was hit by a severe snowfall.
However, April’s fall was attributed to the Royal Wedding at the end of the month and the warm weather.
The service sector accounts for approximately three-quarters of the UK economy and today’s figures are likely to raise fears about second quarter economic growth.
The sector comprises everything from hotels and restaurants to the banking industry and public transport.