Published by Jamie JemmesonBusinesses in the service sector who are engaged in global forex trading have been advised the spring bank holidays inhibited growth in the industry.According to the Office for National Statistics, output in the service sector contracted by 1.2 per cent throughout April 2011, which IHS Global Insight attributed partly to the number of public holidays during this period.Howard Archer, the group's chief UK and European economist, commented: "Activity was clearly held back appreciably in April by the extra public holiday resulting from the royal wedding."Nevertheless, he noted that since the service sector plays a "dominant role" in the British economy, this trend does not bode well for the future."This is worrying news for second quarter GDP growth prospects," Mr Archer stated.The release of the data comes after Richard Lim, an economist at the British Retail Consortium, warned that high levels of inflation and limited wage growth are making people in the UK very hesitant to spend their money.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site