In April 2023 the value of services increased by 1.6% when compared with March 2023.
The sectors with the highest monthly value growth in April 2023 were Wholesale & Retail (+6.1%) and Transportation & Storage (+5.0%).
The value of services output was 9.9% higher in April 2023 compared with April 2022.
The volume of services in April 2023 decreased by 1.3% when compared with March 2023.
Professional, Scientific & Technical Activities (+5.1%) recorded the largest monthly volume increase.
Services were 4.3% higher in volume terms in April 2023 compared with April 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.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| April 2022 | 148.7 | 135.7 | |
| March 2023 | 160.8 | 143.4 | |
| April 2023 | 163.5 | 141.5 | |
| % change | |||
| Monthly | 1.6% | 9.9% | |
| Annual | -1.3% | 4.3% | |
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 6.1 | 5 |
| Transportation & Storage (H) | 5 | 4.8 |
| Accommodation & Food Service Activities (I) | 1.7 | 3.2 |
| Information & Communication (J) | 0.1 | 2.8 |
| Professional, Scientific & Technical Activities (M) | -0.9 | 5.1 |
| Administrative & Support Service Activities (N) | -1.8 | -2.9 |
| Other Service Activities (NACE 68, 92, 93, 95, 96) | -0.8 | -1 |
| All Services | 1.6 | -1.3 |
| X-axis label | Month on Month | Year on Year |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 1.27135 | 2.35499 |
| Transportation & Storage (H) | 0.40334 | 0.653 |
| Accommodation & Food Service Activities (I) | 0.08183 | 0.83139 |
| Information & Communication (J) | 0.06701 | 5.09244 |
| Professional, Scientific & Technical Activities (M) | -0.08175 | 0.05615 |
| Administrative & Support Service Activities (N) | -0.06379 | 0.11361 |
| Other Service Activities (NACE 68, 92, 93, 95, 96) | -0.03811 | 0.82515 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (09 June 2023) released Monthly Services Index April 2023 (Provisional) and March 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 1.6% in April 2023 while the volume decreased by 1.3% when compared with March 2023.
Value Monthly Change
The value of services output in April 2023 increased by 1.6% when compared with March 2023 on a seasonally adjusted basis. The sectors that recorded monthly increases were Wholesale & Retail Trade (+6.1%), Transportation & Storage (+5.0%), Accommodation & Food Service Activities (+1.7%), and Information & Communication (+0.1%). The sectors which recorded a decrease in activity were Administrative & Support Service Activities (-1.8%), Professional, Scientific & Technical Activities (-0.9%), and Other Service Activities (-0.8%).
Value Annual Change
On an annual basis, the value of services was 9.9% higher in April 2023 compared with April 2022. All sectors showed an increase in activity compared with April 2022, with significant growth recorded in some sectors. The largest annual increases were in Accommodation & Food Service Activities (+19.2%), and Other Service Activities (+18.8%). Caution should be exercised when interpreting these large increases, as the comparison is with a low base from a year ago. Positive changes were also observed in Wholesale & Retail Trade (+10.9%), Information & Communication (+10.6%), Transportation & Storage (+7.7%), Administrative & Support Service Activities (+3.1%), and Professional, Scientific & Technical Activities (+0.6%).
Volume Monthly Change
The volume of services output in April 2023 fell by 1.3% when compared with March 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were Professional, Scientific & Technical Activities (+5.1%), Wholesale & Retail Trade (+5.0%), Transportation & Storage (+4.8%), Accommodation & Food Service Activities (+3.2%), and Information & Communication (+2.8%). The two sectors that showed a volume decrease were Administrative & Support Service Activities (-2.9%) and Other Service Activities (-1.0%).
Volume Annual Change
On an annual basis, services were 4.3% higher in volume terms in April 2023 when compared with April 2022. All sectors showed an increase in volume. The largest annual growth was in Other Service Activities (+11.3%), Accommodation & Food Service Activities (+10.5%), and Information & Communication (+8.9%). However, caution should be exercised when interpreting these large increases, as the comparison is with a low base from the previous year."