World Economy

UK Service Growth Slow

UK Service Growth SlowUK Service Growth Slow

Growth in Britain’s dominant services sector slowed slightly in December, suggesting the economy expanded only modestly in the last three months of the year, according to a newly-released survey. The Markit/CIPS UK services purchasing managers’ index fell to 55.5 last month from 55.9 in November but remained above its historical average, showing that the sector was still driving the economy. Economists in a Reuters poll had expected the index to slow to 55.6 after growing at its fastest pace in four months in November. The economy now looks poised to grow by 0.5% in the fourth quarter, Markit said, down from its estimate last month of 0.6%.