Further evidence of the diminishing influence of manufacturing emerged last night after figures were released showing a widening gulf between the contribution made to the economy by manufacturers and financial companies.

The Office for National Statistics (ONS) said business and financial services accounted for more than 30 per cent of total output during 2002 - the first time this has happened, and almost twice the figure seen from manufacturing, at 15.9 per cent.

The total output of the economy was put at £926.3bn in 2002 - 5.1 per cent higher than the previous year.

The figures, which are used by analysts to construct models of the economy, show the business and financial services sector provided the largest contribution to output at £282.4bn after growing 11.7 per cent in a year. In 1992, the industry group accounted for 24 per cent of output, at £131.1bn.

The manufacturing sector contributed £147.5bn in 2002, 2.5 per cent down on 2001 but up on the £115.9bn seen in 1992.

In 1999, the sector passed a key milestone when its contribution fell below 20 per cent for the first time.

Elsewhere, wholesale and retail trades added £146.5bn to output after activity levels grew by 4.8 per cent on 2001 and almost doubled since 1992.

Unsurprisingly, the sector covering computers and related services was named the UK's fastest growing industry between 1992 and 2002.