Arab Today, arab today british service sector in strong growth in february
Last Updated : GMT 13:26:04
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British service sector in strong growth in February

Arab Today, arab today

Arab Today, arab today British service sector in strong growth in February

London - XINHUA

British dominant service sector posed a continued robust growth in February, showed a survey report on Wednesday, pointing to a further strengthening of economic recovery. The report, jointly issued by Markit and the Chartered Institute of Purchasing and Supply (CIPS), showed the Purchasing Manager's Index (PMI) for the service sector was at 58.2 in February, showing little change from on January's 58.3. A reading of 50 points or greater indicates expansion, while below 50 indicates contraction. The report said that the activity of the service sector, which accounts for more than 70 percent of British economy, continued to rise at a healthy pace during February, supported by another marked increase in new business. "Capacity remained under pressure, with backlogs up sharply and employment subsequently raised to the greatest degree since last October, it said. Meanwhile, service companies' confidence in the outlook strengthened to the highest for nearly four-and-a-half years. "Sustained strong growth in the services sector means it remains the most important driver of the economic recovery," said Chris Williamson, Chief Economist at Markit. "Alongside vibrant growth in manufacturing and construction, the upbeat picture of the services economy points to the country enjoying another quarter of robust economic growth of approximately 0.7 percent," said Williamson. The Markit/CIPS PMI indices for manufacturing and construction released early this week also indicated expansion last month, to stand at 56.9 and 62.6 respectively.

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