In August 2023 the value of services increased by 1.0% when compared with July 2023.
The value of services output was 2.7% higher in August 2023 in comparison with August 2022.
The sector with the highest monthly value growth in August 2023 was Transportation & Storage (+5.2%).
The volume of services in August 2023 remained unchanged when compared with July 2023.
Services were 1.3% higher in volume terms in August 2023 in comparison with August 2022.
Transportation & Storage (+4.2%) recorded the largest monthly volume increase.
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 negates the impact of price changes.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| August 2022 | 160.3 | 140.5 | |
| July 2023 | 162.9 | 142.3 | |
| August 2023 | 164.6 | 142.3 | |
| % change | |||
| Monthly | 1.0% | 0.0% | |
| Annual | 2.7% | 1.3% | |
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 August 2023 compared with July 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0 | -0.7 |
| Transportation & Storage | 5.2 | 4.2 |
| Accommodation & Food Service Activities | 0.6 | -2.3 |
| Information & Communication | 0.8 | 0.5 |
| Professional, Scientific & Technical Activities | 3.2 | 2.9 |
| Administrative & Support Service Activities | 0.5 | 0.7 |
| Other Service Activities | -3 | -3.1 |
| All Services | 1 | 0 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for August 2023 compared with August 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -0.4 | -1.6 |
| Transportation & Storage | 3.4 | -0.9 |
| Accommodation & Food Service Activities | 13.3 | 8.1 |
| Information & Communication | 4.8 | 6.9 |
| Professional, Scientific & Technical Activities | -5.6 | -6.7 |
| Administrative & Support Service Activities | 5.3 | 1.5 |
| Other Service Activities | -1.6 | -7 |
| All Services | 2.7 | 1.3 |
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 | -0.00771 | -0.07841 |
| Transportation & Storage | 0.4223 | 0.28787 |
| Accommodation & Food Service Activities | 0.02663 | 0.57122 |
| Information & Communication | 0.41408 | 2.33892 |
| Professional, Scientific & Technical Activities | 0.27026 | -0.52732 |
| Administrative & Support Service Activities | 0.01719 | 0.17993 |
| Other Service Activities | -0.1266 | -0.06774 |
Tables 3 to 9 present seasonally adjusted value and volume for detailed sectors.
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Statistician's Comment
The Central Statistics Office (CSO) has today (06 October 2023) released Monthly Services Index August 2023 (Provisional) and July 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 1.0% in August 2023 while the volume remained unchanged when compared with July 2023.
Value Monthly Change
The value of services output in August increased by 1.0% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Transportation & Storage (+5.2%), Professional, Scientific & Technical Activities (+3.2%), Information & Communication (+0.8%), Accommodation & Food Service Activities (+0.6%), and Administrative & Support Service Activities (+0.5%). Wholesale & Retail Trade (0.0%) experienced no growth in the month. The only sector to show a decrease was Other Service Activities (-3.0%).
Value Annual Change
On an annual basis, the value of services was 2.7% higher in August when compared with August 2022. The largest annual increase was in Accommodation & Food Service Activities (+13.3%). Increases were also observed in Administrative & Support Service Activities (+5.3%), Information & Communication (+4.8%), and Transportation & Storage (+3.4%). The sectors which recorded decreases in activity were Professional, Scientific & Technical Activities (-5.6%), Other Service Activities (-1.6%), and Wholesale & Retail Trade (-0.4%).
Volume Monthly Change
The volume of services output in August remained unchanged when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume increases were Transportation & Storage (+4.2%), Professional, Scientific & Technical Activities (+2.9%), Administrative & Support Service Activities (+0.7%), and Information & Communication (+0.5%). The sectors that showed a reduction in volume were Other Service Activities (-3.1%), Accommodation & Food Service Activities (-2.3%), and Wholesale & Retail Trade (-0.7%).
Volume Annual Change
On an annual basis, services were 1.3% higher in volume terms in August when compared with August 2022. The largest annual growth was in Accommodation & Food Service Activities (+8.1%) and Information & Communication (+6.9%). The sector with the largest decline was Other Service Activities (-7.0%)."