The seasonally adjusted Index of Services, which measures the chained volume index movements of the UK service sector, was estimated to have increased by 2.0 per cent in October 2012 compared with the same period of 2011, according to the latest report published by the Office for National Statistics (ONS).
According to the study, the Olympics and Paralympics events in the third quarter, had a negative impact on the arts, entertainment and recreation industries, as especially in September 2012, ticket sales for the Olympics overshadowed other cultural activities and service sector output was estimated to have increased just by 0.1 per cent.
Nevertheless, business services and finance contributed more to the increase of the Index of Service,s 2.8 per cent, whereas government and other services increased by 1.8 per cent. Storage and communication increased by 2.0 per cent and distribution, hotels and restaurants increased by 0.6 per cent. These were the largest contributions to the overall increase.
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