Service sector activity ticks up in January

City A.M. Reporter

THE UK services industry grew at its strongest pace in five months in January, fuelling hopes that the economy might avoid a triple-dip recession.

Output from the services industry, which accounts for more than three quarters of the economy, rose 0.3 per cent month on month in January, the Office for National Statistics said today.

Over the year, the services sector ticked up 0.8 per cent in January, the ONS said, driven by business services and finance alongside government services.

The preliminary reading of GDP in the three months to March is due to be released on 25 April.