Published:
Index of Services, UK: July 2026 time series
ONS publishes monthly time-series movements in output for UK service industries (covering distribution, hotels and restaurants, transport/storage/communication, business services and finance, and government and other services), which account for about 79% of UK GDP.
The Office for National Statistics has published the Index of Services time series for the UK for July 2026. The index measures monthly movements in gross value added (GVA) for service industries and is designed to provide a more timely view of activity than quarterly GDP alone.
ONS notes that services industries account for around 79% of UK GDP, making this release particularly relevant for macro interpretation. The data covers a range of service categories including distribution, hotels and restaurants; transport, storage and communication; business services and finance; and government and other services.
For FX traders, the key value lies in how changes in services output shape the perceived growth trajectory. When service-sector momentum strengthens, it can imply firmer demand conditions that may sustain inflation pressures; when it softens, it can suggest the opposite. Either way, the monthly signal helps investors form a view on the likely direction of UK macro conditions that ultimately drive interest-rate expectations.
As a time series, the release also allows comparison of July’s movement with the preceding trend across categories, which can help identify whether any change is broad-based or concentrated in particular segments. The next update is due on 15 October 2026, where the question for markets will be whether the July services picture is confirmed or reverses.
Why this matters for FX
Because services make up most of UK GDP, a monthly services output series is a direct input to how traders assess UK growth momentum and the demand backdrop. That can feed into sterling by influencing expectations for Bank of England policy and the inflation outlook.