At the end of 2013, the index of growth declined slightly but economists are still confident that economic growth is on the rise at the fastest rate in seven years.
<p>This growth is even more apparent in the dominant services sector, which grew in every month of 2013.
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<p>Last year brought the fastest growth of the UK’s economy since the financial crisis, though that growth seemed to have plateaued in December. Despite a slower end-of-year rate, economists are certain that the economy is set to pick up even further in the months to come.
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<p>The Markit/CIPS Purchasing Managers’ Index, or PMI, for the services sector did show a minor drop between November and December of last year, but those ‘lower’ numbers were still far above the average levels expected.
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<p>Any score higher than 50 on the PMI for business activity indicates economic growth. December’s PMI came in at 58.5; a positive sign.
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<p> “This is still a survey that would have been killed for at the beginning of 2013,” explains chief UK and European HIS Global Insight economist, Howard Archer. “This is still a very strong report overall showing healthy expansion, robust incoming business, markedly rising employment and confidence in the sector at a near four-year high.”
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<p>Additional PMI data shows that it isn’t just the consumer-based services sector that’s enjoying widespread growth; finance, IT, and business services are also growing strongly.
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