The retail and wholesale sector is close to overtaking manufacturing in terms of contribution to the UK economy, according to data from National Statistics.
Retail and wholesale generated a contribution of£146.5 billion in 2002 - the most recent figure available - up 4.8 per cent on 2001. The sector delivered 15.8 per cent of total UK economic output in 2002, while manufacturing stood at 15.9 per cent, down from 17.2 per cent the previous year.
'Given the continual drop in the manufacturing sector's contribution, it (retail and wholesale) could well already have taken over, but we won't know for sure until the 2003 figures are available,' said a National Statistics spokesman.
The business and financial services sector now accounts for almost a third of the economy.
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