In January 2023 the value of services increased by 3.2% when compared with December 2022.
The sectors with the highest monthly value growth in January 2023 were Wholesale & Retail Trade (+7.5%) and Other Service Activities (+6.4%).
The value of services output was 18.9% higher in January 2023 compared with January 2022.
The volume of services in January 2023 increased by 4.5% when compared with December 2022.
Other Service Activities (+4.7%) recorded the largest monthly volume increase.
Services were 15.1% higher in volume terms in January 2023 compared with January 2022.
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 | ||
| January 2022 | 137.8 | 124.4 | |
| December 2022 | 158.7 | 137.0 | |
| January 2023 | 163.8 | 143.2 | |
| % change | |||
| Monthly | 3.2% | 4.5% | |
| Annual | 18.9% | 15.1% | |
| February 2020 - January 2023 | 28.9% | 24.4% | |
| Business Sectors | Month on Month | Year on Year |
|---|---|---|
| Professional, Scientific & Technical Activities (M) | 0.25043 | 0.2485 |
| Administrative & Support Service Activities (N) | -0.05132 | 0.1907 |
| Accommodation & Food Service Activities (I) | 0.08492 | 1.9034 |
| Information & Communication (J) | 0.7755 | 10.2755 |
| Other Service Activities (NACE 68,92-92,95-96) | 0.30203 | 1.7729 |
| Transportation & Storage (H) | 0.34028 | 1.4366 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 1.54159 | 3.087 |
As of January 2023, most sectors had surpassed their pre-COVID-19 value level. Information & Communication was 51.2% higher than its pre-COVID-19 level in February 2020. Furthermore, while Accommodation and Food Service Activities has seen a notable value increase of 56.6% since January 2022, it remains only 2.9% above its February 2020 pre-COVID-19 level.
However, Administrative & Support Service Activities (-8.0%) still remains significantly below its February 2020 pre-COVID-19 level.
| Business Sectors | January 2022 - January 2023 | February 2020 - January 2023 |
|---|---|---|
| All Services | 18.9 | 28.9 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 13.9 | 22.8 |
| Transportation & Storage (H) | 17.1 | 4.3 |
| Accommodation & Food Service Activities (I) | 56.6 | 2.9 |
| Information & Communication (J) | 21.4 | 51.2 |
| Professional, Scientific & Technical Activities (M) | 2.5 | 7.1 |
| Administrative & Support Service Activities (N) | 4.9 | -8 |
| Other Service Activities ( NACE 68,92-93,95-96) | 44 | 27.9 |
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.
Statistician's Comment
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 3.2% in January 2023, while the volume increased by 4.5% when compared with December 2022.
Value Monthly Change
The value of services output in January 2023 increased by 3.2% when compared with December 2022 on a seasonally adjusted basis. The sectors that recorded monthly increases were Wholesale & Retail Trade (+7.5%), Other Service Activities (+6.4%), Transportation & Storage (+4.1%), Professional, Scientific & Technical Activities (+2.9%), Accommodation & Food Service Activities (+1.9%), and Information & Communication (+1.6%). The only sector to record a decrease in activity was Administrative & Support Service Activities (-1.4%).
Value Annual Change
On an annual basis, the value of services was 18.9% higher in January 2023 compared with January 2022. Activity increased across all sectors compared with January 2022, with significant growth recorded in some sectors. The largest annual increase was in Accommodation & Food Service Activities (+56.6%). Caution should be exercised when interpreting this large increase, as the comparison is with a low base from a year ago. The remaining increases were in Other Service Activities (+44.0%), Information & Communication (+21.4%), Transportation & Storage (+17.1%), Wholesale & Retail Trade (+13.9%), Administrative & Support Service Activities (+4.9%), and Professional, Scientific & Technical Activities (+2.5%).
Volume Monthly Change
The volume of services output in January 2023 rose by 4.5% when compared with December 2022 on a seasonally adjusted basis. The sectors with monthly volume increases were Wholesale & Retail Trade (+6.0%), Other Service Activities (+4.7%), Transportation & Storage (+4.2%), Professional, Scientific & Technical Activities (+3.6%), and Accommodation & Food Service Activities (+0.6%). The two sectors that showed a volume decrease were Administrative & Support Service Activities (-3.0%) and Information & Communication (-1.1%).
Volume Annual Change
On an annual basis, services were 15.1% higher in volume terms in January 2023 compared with January 2022. Most sectors showed an increase in volume. The largest annual growth was in Accommodation & Food Service Activities (+44.1%), Other Service Activities (+35.2%), and Information & Communication (+19.7%). However, caution should be exercised when interpreting the largest of these increases, as the comparison is with a low base from the previous year. Administrative & Support Service Activities (-0.3%) was the only sector to decline over the period.