In February 2023 the value of services increased by 1.5% when compared with January 2023.
The sectors with the highest monthly value growth in February 2023 were Information & Communication (+3.9%) and Accommodation & Food Service Activities (+2.1%).
The value of services output was 13.2% higher in February 2023 compared with February 2022.
The volume of services in February 2023 increased by 0.2% when compared with January 2023.
Information & Communication (+6.1%) recorded the largest monthly volume increase.
Services were 10.0% higher in volume terms in February 2023 compared with February 2022.
This release was originally published on 6 April 2023. On 19 May 2023 the CSO made a revision to correct a data error for January 2023 in the Information & Communication sector. This correction reduced the index for the Information & Sector and its corresponding monthly and annual percentage changes for January 2023. Therefore, the overall Services Index for January 2023 has also been revised as a result. Please refer to the March 2023 release and PxStat for updated figures.
The headline table shows the seasonally adjusted value and volume indices for Monthly Services Index. It also highlights the monthly and annual percentage change in both value and volume and overall changes since February 2020 (pre-COVID-19).
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| February 2022 | 147.6 | 131.5 | |
| January 2023 | 164.6 | 144.4 | |
| February 2023 | 167.1 | 144.7 | |
| % change | |||
| Monthly | 1.5% | 0.2% | |
| Annual | 13.2% | 10.0% | |
| February 2020 - February 2023 | 31.7% | 25.7% | |
| Business Sectors | Month on Month | Year on Year |
|---|---|---|
| Professional, Scientific & Technical Activities (M) | -0.20486 | -0.34679 |
| Administrative & Support Service Activities (N) | -0.04568 | 0.19511 |
| Accommodation & Food Service Activities (I) | 0.09378 | 1.23567 |
| Information & Communication (J) | 1.91103 | 7.0195 |
| Other Service Activities (NACE 68,92-92,95-96) | -0.01553 | 1.6058 |
| Transportation & Storage (H) | -0.35761 | 0.65667 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 0.14278 | 2.8128 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (06 April 2023) released Monthly Services Index February 2023 (Provisional) and January 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 1.5% in February 2023, while the volume increased by 0.2% when compared with January 2023.
Value Monthly Change
The value of services output in February 2023 increased by 1.5% when compared with January 2023 on a seasonally adjusted basis. The sectors that recorded monthly increases were Information & Communication (+3.9%), Accommodation & Food Service Activities (+2.1%), and Wholesale & Retail Trade (+0.7%). The sectors which recorded a decrease in activity were Transportation & Storage (-4.3%), Professional, Scientific & Technical Activities (-2.4%), Administrative & Support Service Activities (-1.3%), and Other Service Activities (-0.3%).
Value Annual Change
On an annual basis, the value of services was 13.2% higher in February 2023 compared with February 2022. Most sectors showed an increase in activity compared with February 2022, with significant growth recorded in some sectors. The largest annual increases were Other Service Activities (+43.9%) and Accommodation & Food Service Activities (+31.9%). Caution should be exercised when interpreting these large increases, as the comparison is with a low base from a year ago. The remaining increases were in Information & Communication (+14.0%), Wholesale & Retail Trade (+13.3%), Transportation & Storage (+8.1%), and Administrative & Support Service Activities (+5.3%). The only sector to fall over the 12 months to February 2023 was Professional, Scientific & Technical Activities (-3.6%).
Volume Monthly Change
The volume of services output in February 2023 rose by 0.2% when compared with January 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were Information & Communication (+6.1%), Wholesale & Retail Trade (+0.9%), and Accommodation & Food Service Activities (+0.7%). Administrative & Support Service Activities (0.0%) was unchanged, while the three sectors that showed a volume decrease were Transportation & Storage (-2.7%), Professional, Scientific & Technical Activities (-2.1%), and Other Service Activities (-0.7%).
Volume Annual Change
On an annual basis, services were 10.0% higher in volume terms in February 2023 compared with February 2022. Most sectors showed an increase in volume. The largest annual growth was in Other Service Activities (+34.3%), Accommodation & Food Service Activities (+21.2%), and Information & Communication (+13.8%). However, caution should be exercised when interpreting the largest of these increases, as the comparison is with a low base from the previous year. Professional, Scientific & Technical Activities (-4.1%) was the only sector to decline over the period."