In May 2023 the value of services decreased by 0.5% when compared with April 2023.
The sector with the highest monthly value growth in May 2023 was Professional, Scientific & Technical Activities (+3.7%).
The value of services output was 4.9% higher in May 2023 compared with May 2022.
The volume of services in May 2023 increased by 0.1% when compared with April 2023.
Professional, Scientific & Technical Activities (+1.3%) recorded the largest monthly volume increase.
Services were 2.8% higher in volume terms in May 2023 compared with May 2022.
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 | ||
| May 2022 | 154.6 | 137.8 | |
| April 2023 | 163.0 | 141.4 | |
| May 2023 | 162.2 | 141.6 | |
| % change | |||
| Monthly | -0.5% | 0.1% | |
| Annual | 4.9% | 2.8% | |
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 May 2023 compared with April 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -5.8 | -3.5 |
| Transportation & Storage | 0.4 | 0.5 |
| Accommodation & Food Service Activities | 0.9 | 0.1 |
| Information & Communication | 0.7 | -2.5 |
| Professional, Scientific & Technical Activities | 3.7 | 1.3 |
| Administrative & Support Service Activities | 0.8 | -1 |
| Other Service Activities | 0.9 | 0.4 |
| All Services | -0.5 | 0.1 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for May 2023 compared with May 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 2.9 | 1.6 |
| Transportation & Storage | 2.6 | -4.6 |
| Accommodation & Food Service Activities | 18.7 | 9.4 |
| Information & Communication | 4.9 | 4 |
| Professional, Scientific & Technical Activities | -0.4 | -1.9 |
| Administrative & Support Service Activities | -3.4 | -5.8 |
| Other Service Activities | 26.8 | 19.4 |
| All Services | 4.9 | 2.8 |
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 | -1.26556 | 0.62186 |
| Transportation & Storage | 0.03004 | 0.22498 |
| Accommodation & Food Service Activities | 0.04193 | 0.78844 |
| Information & Communication | 0.32874 | 2.4137 |
| Professional, Scientific & Technical Activities | 0.31621 | -0.0351 |
| Administrative & Support Service Activities | 0.02656 | -0.13183 |
| Other Service Activities | 0.04436 | 1.06373 |
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 July 2023) released Monthly Services Index May 2023 (Provisional) and April 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services decreased by 0.5% in May 2023 while the volume increased by 0.1% when compared with April 2023.
Value Monthly Change
The value of services output in May 2023 decreased by 0.5% when compared with April 2023 on a seasonally adjusted basis. The sectors that recorded monthly increases were Professional, Scientific & Technical Activities (+3.7%), Accommodation & Food Service Activities (+0.9%), Other Service Activities (+0.9%), Administrative & Support Service Activities (+0.8%), Information & Communication (+0.7%), and Transportation & Storage (+0.4%). The only sector which recorded a decrease in activity was Wholesale & Retail Trade (-5.8%).
Value Annual Change
On an annual basis, the value of services was 4.9% higher in May 2023 compared with May 2022. Most sectors showed an increase in activity compared with May 2022, with significant growth recorded in some sectors. The largest annual increases were in Other Service Activities (+26.8%) and Accommodation & Food Service Activities (+18.7%). Positive changes were also observed in Information & Communication (+4.9%), Wholesale & Retail Trade (+2.9%), and Transportation & Storage (+2.6%). Decreases were recorded in Administrative & Support Service Activities (-3.4%) and Professional, Scientific & Technical Activities (-0.4%).
Volume Monthly Change
The volume of services output in May 2023 rose by 0.1% when compared with April 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were Professional, Scientific & Technical Activities (+1.3%), Transportation & Storage (+0.5%), Other Service Activities (+0.4%), and Accommodation & Food Service Activities (+0.1%). The sectors that showed a volume decrease were Wholesale & Retail Trade (-3.5%), Information & Communication (-2.5%), and Administrative & Support Service Activities (-1.0%).
Volume Annual Change
On an annual basis, services were 2.8% higher in volume terms in May 2023 when compared with May 2022. The largest annual growth was in Other Service Activities (+19.4%), Accommodation & Food Service Activities (+9.4%), and Information & Communication (+4.0%). The sector with the greatest decrease was Administrative & Support Service Activities (-5.8%)."