The Markit/CIPS purchasing managers' index (PMI) for services fell to 53.3, down from 54.5 in January. However, it remains above the 50 threshold that separates growth from contraction.
Markit estimates the economy will grow by 0.4% in the first quarter of 2017.
Services, which include areas such as finance and legal advice, make up more than three-quarters of the UK economy.
"A
further slowdown in UK business activity growth in February adds to
evidence that the economy has lost momentum after the impressive
expansion seen at the end of last year," said Chris Williamson, chief
business economist at IHS Markit.
"Inflationary pressures
remained the highest for six years as firms struggled with rising costs
associated with the weak pound, but optimism about the year ahead
remained elevated by recent standards," he added.
Paul
Hollingsworth, UK economist at Capital Economics, said: "Looking ahead,
the economy faces a number of headwinds including higher inflation and
uncertainty surrounding the future relationship with the EU as formal
negotiations get underway."
"However, we continue to think that the UK will weather these well, and expect GDP growth of 1.8% in 2017 and 2.5% in 2018."
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