Press Statement

Preasráiteas

11 March 2022

Go to release: Monthly Services Index January 2022

The Central Statistics Office (CSO) has today (11 March 2022) released the Monthly Services Index January 2022 (Provisional) December 2021 (Final).

The Monthly Services Value Index (MSI) monitors trends in output at current prices of enterprises in the non-financial traded services sector. The January 2022 release includes for the first time a new Index of Services Production. This measures changes at constant prices, creating a new volume index series. Volume indices are produced by deflating value by price changes. As was the case for the value index series, the same sector breakdowns are available showing corresponding volume indices with monthly and annual percentage changes in all tables.

Commenting on the release, Bríd Fitzpatrick, Statistician, said: 

"The value of services output in January 2022 decreased by 1.3% when compared with December 2021 on a seasonally adjusted basis. In January, most sectors showed an increase in activity compared to the previous month. The only sector to show a decrease in activity in the month was Information and Communication (-6.8%). 

On an annual basis, services were 18.4% higher in value terms in January 2022 compared with January 2021. Some sectors showed a relatively large annual increase in the value of services compared with January 2021, when a full Level 5 lockdown of non-essential retail and services was in force. The value of services in Accommodation and Food Service Activities rose by 145% compared with January 2021. All sectors showed an annual increase.

The value of services in January 2022 was 10.4% higher compared with January 2020 (two years earlier and pre-COVID-19). Nevertheless, Accommodation and Food Service Activities still remained 35.2% lower than their pre-COVID-19 level in January 2020.

The new data being published today shows that the volume of services output in January 2022 increased by 0.3% when compared with December 2021 on a seasonally adjusted basis. On an annual basis, services were 14.7% higher in volume terms in January 2022 compared with January 2021 and all sectors showed an increase.

The volume of services in January 2022 was 9.2% higher than January 2020 (two years earlier and pre-COVID-19), however a number of sectors in January 2022 were still below their corresponding level in January 2020.”

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