In July 2023 the value of services increased by 0.5% when compared with June 2023.
The value of services output was 2.9% higher in July 2023 in comparison with July 2022.
The sector with the highest monthly value growth in July 2023 was Information & Communication (+3.5%).
The volume of services in July 2023 decreased by 0.1% when compared with June 2023.
Services were 0.9% higher in volume terms in July 2023 in comparison with July 2022.
Information & Communication (+4.8%) 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 | ||
| July 2022 | 157.8 | 140.7 | |
| June 2023 | 161.6 | 142.2 | |
| July 2023 | 162.4 | 142.0 | |
| % change | |||
| Monthly | 0.5% | -0.1% | |
| Annual | 2.9% | 0.9% | |
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 July 2023 compared with June 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -0.2 | 0.2 |
| Transportation & Storage | -4.3 | -4.6 |
| Accommodation & Food Service Activities | -3.3 | -1.7 |
| Information & Communication | 3.5 | 4.8 |
| Professional, Scientific & Technical Activities | -5.5 | -4.6 |
| Administrative & Support Service Activities | -3.4 | -3.4 |
| Other Service Activities | -0.4 | -1.2 |
| All Services | 0.5 | -0.1 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for July 2023 compared with July 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.4 | 1.5 |
| Transportation & Storage | -2.8 | -8.4 |
| Accommodation & Food Service Activities | 15.8 | 9.8 |
| Information & Communication | 5 | 3.7 |
| Professional, Scientific & Technical Activities | -4.5 | -6.1 |
| Administrative & Support Service Activities | 4.6 | -1 |
| Other Service Activities | 4.9 | -1.3 |
| All Services | 2.9 | 0.9 |
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 | -0.0341 | 0.09385 |
| Transportation & Storage | -0.37067 | -0.24554 |
| Accommodation & Food Service Activities | -0.16119 | 0.66518 |
| Information & Communication | 1.70662 | 2.47305 |
| Professional, Scientific & Technical Activities | -0.49253 | -0.41031 |
| Administrative & Support Service Activities | -0.12149 | 0.15579 |
| Other Service Activities | -0.01592 | 0.20324 |
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 September 2023) released Monthly Services Index July 2023 (Provisional) and June 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 0.5% in July 2023 while the volume decreased by 0.1% when compared with June 2023.
Value Monthly Change
The value of services output in July 2023 increased by 0.5% when compared with June 2023 on a seasonally adjusted basis. The only sector that recorded a monthly increase was Information & Communication (+3.5%). Decreases were recorded in Professional, Scientific & Technical Activities (-5.5%), Transportation & Storage (-4.3%), Administrative & Support Service Activities (-3.4%), Accommodation & Food Service Activities (-3.3%), Other Service Activities (-0.4%), and Wholesale & Retail Trade (-0.2%).
Value Annual Change
On an annual basis, the value of services was 2.9% higher in July 2023 when compared with July 2022. Almost all sectors showed growth in activity compared with July 2022. The largest annual increase was in Accommodation & Food Service Activities (+15.8%). Increases were also observed in Information & Communication (+5.0%), Other Service Activities (+4.9%), Administrative & Support Service Activities (+4.6%), and Wholesale & Retail Trade (+0.4%). The sectors which recorded decreases in activity were Professional, Scientific & Technical Activities (-4.5%) and Transportation & Storage (-2.8%).
Volume Monthly Change
The volume of services output in July 2023 fell by 0.1% when compared with June 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were Information & Communication (+4.8%) and Wholesale & Retail Trade (+0.2%). The sectors that showed a reduction in volume were Professional, Scientific & Technical Activities (-4.6%), Transportation & Storage (-4.6%), Administrative & Support Service Activities (-3.4%), Accommodation & Food Service Activities (-1.7%), and Other Service Activities (-1.2%).
Volume Annual Change
On an annual basis, services were 0.9% higher in volume terms in July 2023 when compared with July 2022. The largest annual growth was in Accommodation & Food Service Activities (+9.8%) and Information & Communication (+3.7%). The sector with the largest decline was Transportation & Storage (-8.4%)."