The Index of Services measures a change in the output of the services industries. This is a monthly indicator of the national services sector growth. Today, it is the largest contribution to the output approach to the measurement of GDP, accounting for 73.9% of UK GDP.
Data for index calculation are collected from the Monthly Business Survey of about 26,000 UK service companies (49% of all used for calculation) and from other regular surveys and administrative sources (51%).
The calculated index of services is seasonally adjusted to exclude the influence of holidays and weather conditions. The Index of Services provides a short-term estimate of the UK economy services sector. This most important economic indicator shows monthly fluctuations of gross value added in service industry companies (the difference between the cost of services provided and the cost of their production).
The following industry categories are considered in the calculation:
Each category has its weight in accordance with the relative contribution to general GDP.
The Index of Services is rarely interpreted separately from the rest of macroeconomic indicators. It is often interpreted along the GDP. A sharp index growth can have a positive effect on the GDP quotes.
The chart of the entire available history of the "United Kingdom Index of Services" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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