Activity in Britain's services sector increased at its fastest rate in nearly a year and an half in July, the UK Chartered Institute for Purchasing and Supply (CIPS) said Wednesday.
The CIPS said its monthly purchasing managers index (PMI) for the services sector grew to 53.2 in July from 51.6 in June, stronger than market anticipation.
The reading was the highest since February 2008 and was largely fueled by an increase in new business.
A reading above 50 indicates the expansion of the service sector while the reading under 50 indicates that the sector is shrinking.
The services sector is key to whether the British economy can start growing again as it accounts for around two-thirds of total economic activity.
An equivalent survey released earlier this week by CIPS also indicated that the Britain's manufacturing sector, which accounts for around 15 percent of the economy, was also growing.
The monthly PMI for manufacturing sector jumped to 50.8 in July from 47.4 in June, resulting mainly from a sharp pickup in new orders.
The growth of both services and manufacturing sectors is another sign that the British economy may be growing again after its deepest recession since the Second World War.
Source: Xinhua
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