The IHS Markit/CIPS UK Services PMI was revised lower to 56.3 in March 2021, from a preliminary estimate of 56.8 and compared with February's final 49.5. The latest reading signaled the fastest rate of output expansion for seven months, supported by an increase in total new work for the first time in six months due to stronger client demand and forward bookings ahead of easing lockdown measures. At the same time, backlogs of work were up for the first time since September 2020 and the rate of job creation was the fastest since June 2019. On the price front, input cost inflation was the highest for nearly three years, while prices charged by service providers rose at the sharpest pace since November 2017. Looking ahead, business expectations improved for the fifth consecutive month. source: Markit Economics
Services PMI in the United Kingdom averaged 52.99 points from 2007 until 2021, reaching an all time high of 62.50 points in October of 2013 and a record low of 13.40 points in April of 2020. This page provides the latest reported value for - United Kingdom Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.
Services PMI in the United Kingdom is expected to be 54.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in the United Kingdom to stand at 53.20 in 12 months time. In the long-term, the United Kingdom Services PMI is projected to trend around 52.90 points in 2022 and 53.60 points in 2023, according to our econometric models.