Russia's Services PMI continues to outperform rising to 56.5 in February

06 March, 2018, 02:40 | Author: Lora Ball
  • Investec's Services Purchasing Managers' Index slipped to 57.2 in February from 59.8 in January

United Kingdom services activity grew more than expected in February, supporting economic growth and keeping alive the prospect of an interest-rate increase within months.

Britain's services businesses rebounded last month after the weakest January in a decade, according to the latest purchasing managers' index.

Any reading above 50 indicates growth in the sector.

Despite a brighter performance from services, economists expect the United Kingdom economy to grow by 0.4% for the first three months of this year, in line with the final quarter of 2017.

"An improvement in demand conditions also drove a further rise in new business received by Russian service providers". Against the euro, the pound was 0.2% higher at 1.121.

Economic growth in the United Kingdom might be stronger than thought, after a closely-watched index suggested the services sector is now the fastest growing part of the economy.

More news: Karti Chidambaram brought to Byculla prison to be confronted with Indrani

"Both activity and new work declined for the first time since November, with rates of contraction the strongest since August, thereby ending the recent recovery experienced by India s service sector", said Aashna Dodhia, Economist at IHS Markit, and author of the report.

The services sector has been grappling with stinging costs, prompted by higher input prices caused by sterling's slump since the Brexit vote.

Williamson said the PMI was consistent with GDP rising at a buoyant rate of 0.8-0.9%, which at the upper end would be the strongest since the second quarter of 2010.

But suggesting February could be a blip, companies were more optimistic about the year ahead.

However, firms remained confident towards output growth over the next 12-months as jobs growth quickened to the joint-fastest since June 2011.

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