In April 2024 the value of services rose by 1.7% when compared with March 2024.
The value of services output was 9.0% higher in April 2024 in comparison with April 2023.
The volume of services in April 2024 fell by 0.6% when compared with March 2024.
Services were 8.0% higher in volume terms in April 2024 when compared with April 2023.
The largest increases in both value and volume were recorded in Professional, Scientific & Technical Activities, with increases of 4.7% and 5.8% respectively.
The headline table shows the seasonally adjusted value and volume indices for the Monthly Services Index. It also highlights the monthly and annual percentage change in both value and volume. Value indices represent turnover, whereas volume indices represent deflated turnover which strips out the impact of price changes. Volume indices show changes in the amount of business activity in the services sector over time. In general, it should be noted that the results presented in this release can reflect changes in the reporting practices of enterprises and this can lead to short-term volatility in the results.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| April 2024 | 177.2 | 152.5 | |
| March 2024 | 174.3 | 153.4 | |
| April 2023 | 162.6 | 141.2 | |
| % change | |||
| Monthly | 1.7% | -0.6% | |
| Annual | 9.0% | 8.0% | |
Figure 1 shows the seasonally adjusted value and volume indices for the Monthly Service Index.
Figure 2a presents the monthly seasonally adjusted value and volume percentage changes for April 2024 compared with March 2024.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.7 | 0.1 |
| Transportation & Storage | -4.2 | -4.9 |
| Accommodation & Food Service Activities | 1.6 | 4.9 |
| Information & Communication | 2.8 | -1 |
| Professional, Scientific & Technical Activities | 4.7 | 5.8 |
| Administrative & Support Service Activities | 1 | -1.1 |
| Other Service Activities | -0.8 | -0.3 |
| All Services | 1.7 | -0.6 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for April 2024 compared with April 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 2.3 | 2.9 |
| Transportation & Storage | 4.9 | 1.5 |
| Accommodation & Food Service Activities | -1.6 | -6 |
| Information & Communication | 13.1 | 10.3 |
| Professional, Scientific & Technical Activities | 15.1 | 13 |
| Administrative & Support Service Activities | 5.4 | 1.7 |
| Other Service Activities | 6.6 | 1.1 |
| All Services | 9 | 8 |
Figure 3 shows the positive and negative contributions of each sector to the monthly and annual value change in the Monthly Services index.
| X-axis label | Month on Month | Year on Year |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.14498 | 0.49426 |
| Transportation & Storage | -0.35874 | 0.41417 |
| Accommodation & Food Service Activities | 0.06903 | -0.07672 |
| Information & Communication | 1.38864 | 6.35702 |
| Professional, Scientific & Technical Activities | 0.41564 | 1.29142 |
| Administrative & Support Service Activities | 0.03419 | 0.18633 |
| Other Service Activities | -0.03812 | 0.30333 |
Tables 3 to 9 present seasonally adjusted value and volume for detailed sectors.
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.
Statistician's Comment
The Central Statistics Office (CSO) has today (12 June 2024) released Monthly Services Index April 2024 (Provisional) and March 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services increased by 1.7% in April 2024, while the volume fell by 0.6% when compared with March 2024.
Value Monthly Change
The value of services output in April 2024 was up 1.7% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Professional, Scientific & Technical Activities (+4.7%), Information & Communication (+2.8%), Accommodation & Food Service Activities (+1.6%), Administrative & Support Service Activities (+1.0%), and Wholesale & Retail Trade (+0.7%). Decreases were recorded in Transportation & Storage (-4.2%) and Other Service Activities (-0.8%).
Value Annual Change
On an annual basis, the value of services was 9.0% higher in April 2024 when compared with April 2023. The largest annual growth was in Professional, Scientific & Technical Activities (+15.1%) and Information & Communication (+13.1%). Increases were also observed in Other Service Activities (+6.6%), Administrative & Support Service Activities (+5.4%), Transportation & Storage (+4.9%), and Wholesale & Retail Trade (+2.3%). Accommodation & Food Service Activities (-1.6%) was the only sector which showed an annual decrease.
Volume Monthly Change
The volume of services output in April 2024 was 0.6% lower when compared with the previous month on a seasonally adjusted basis. The sectors with the highest monthly volume decreases were Transportation & Storage (-4.9%), Administrative & Support Service Activities (-1.1%), Information & Communication (-1.0%), and Other Service Activities (-0.3%). The sectors with monthly increases were Professional, Scientific & Technical Activities (+5.8%), Accommodation & Food Service Activities (+4.9%), and Wholesale & Retail Trade (+0.1%).
Volume Annual Change
On an annual basis, services were 8.0% higher in volume terms in April 2024 when compared with April 2023. The largest annual increases were in Professional, Scientific & Technical Activities (+13.0%) and Information & Communication (+10.3%). Growth was also observed in Wholesale & Retail Trade (+2.9%), Administrative & Support Service Activities (+1.7%), Transportation & Storage (+1.5%), and Other Service Activities (+1.1%). The only sector with an annual decrease was Accommodation & Food Service Activities (-6.0%)."