Activity in the UK’s service sector has accelerated to its fastest pace since August last year, according to a survey.
The Markit/CIPS Purchasing Managers’ Index (PMI) survey rose to 58.9 in March, its strongest reading since August last year and up from the 56.7 recorded in February. Any reading below 50 indicates contraction, while above 50 it signals growth.
Chief economist at Markit, Chris Williamsom, said the UK economy “moved up a gear” in March and stated that business owners are more confident and willing to expand.
The UK services sector is by far the largest part of the economy, accounting for about three quarters of economic activity.
Markit stated that its surveys in the construction, manufacturing and service sectors, together implied an economic growth of 0.7% in the first quarter.