Index of Services, UK: February 2024

• We estimate that monthly services output increased by 0.1% in February 2024, following a revised increase of 0.3% (revised up 0.1 percentage points) in January 2024.

• The Index of Services (IoS) saw monthly increases in 8 of the 14 sectors in February 2024, with "transportation and storage" (2.6%) and "information and communication" (1.0%) being the main positive contributors.

• This monthly rise in February 2024 was partially offset by falls in "wholesale and retail trade; repair of motor vehicles and motorcycles" (down 0.5%) and "human health and social work activities" (down 0.6%).

• Services output growth is estimated in the three months to February 2024 to have grown by 0.2%, when compared with the three months to November 2023.

• The main positive contributing sectors in the three months to February 2024 were "professional, scientific and technical activities" (1.1%) and "administrative and support services activities" (1.6%).

• The main negative contributing sectors in the three months to February 2024 were "education" (down 1.4%) and "financial and insurance activities" (down 0.7%).

Response rates for February 2024

For February 2024, the response rates were 71.7% based on forms returned, and this accounted for 84.1% of total turnover coverage of the sample population. For further information, see our Current and historical Monthly Business Survey (MBS) (services) response rates dataset.

Data sources and collection

The Index of Services (IoS) is compiled using data from several different sources (share of overall economy based on latest gross value added (GVA) weights). These include the:

• Office for National Statistics (ONS) MBS (34.1%)     

• ONS Retail Sales Inquiry (4.9%)     

• ONS Government Expenditure (14.8%)     

• ONS Households' Expenditure (11.5%)     

• ONS Finance Expenditure (5.7%)     

• ONS Households and non-profit institutions serving households (1.9%) 

• other (4.4%)

The MBS data are published alongside this release in our MBS turnover of services industries dataset.

Data relating to the retail industry are broadly comparable with our Retail sales, Great Britain: February 2024 bulletin, published on 22 March 2024. 

For further information on what is included within "other", please see our Gross domestic product (GDP(o)) data sources catalogue. 

The percentage of each data source is based on their gross value added weight. Our GDP(o) methods and sources pages provide more information on the data that underpin these statistics; of particular note is the GDP(o) data sources catalogue.

From February 2018, value added tax (VAT) data have also been included across 64 production industries for small- and medium-sized businesses. For more information, see our VAT turnover data in National Accounts: background and methodology.

Quality and methodology

The data reported in IoS bulletins and datasets are estimates that are subject to uncertainty, for example, sampling variability and non-sampling error. For more information on these, see our Uncertainty and how we measure it for our surveys methodology.

More quality and methodology information (QMI) on strengths, limitations, appropriate uses, and how the data were created is available in our Index of Services QMI.

Revisions to IoS

In line with the National Accounts revision policy, this release provides data for February 2024. January 2024 is also open for revisions.

We have also included revisions to the monthly data from January to December 2023. This is to incorporate revisions from the Gross Domestic Product (GDP) quarterly National Accounts, UK: October to December 2023 bulletin, published on 28 March 2024.

Early estimates of GDP are subject to revision (positive and negative). Please see our Why GDP figures are revised article for more information.

Underlying data sources that form the Index of Services are open for revision each period. For instance, our Monthly Business Survey publishes revisions for the previously published 12 months.