In August 2024 the value of services rose by 1.9% when compared with July 2024.
The value of services output was 11.9% higher in August 2024 in comparison with August 2023.
The volume of services in August 2024 rose by 2.7% when compared with July 2024.
Services were 13.1% higher in volume terms in August 2024 when compared with August 2023.
The largest increases in both value and volume were recorded in Administrative & Support Service Activities, with increases of 5.3% and 6.9% respectively.
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 strips out the impact of price changes. Volume indices show changes in the amount of business activity in the services sector over time. In general, it should be noted that the results presented in this release can reflect changes in the reporting practices of enterprises and this can lead to short-term volatility in the results.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| August 2023 | 164.6 | 142.2 | |
| July 2024 | 180.7 | 156.5 | |
| August 2024 | 184.2 | 160.8 | |
| % change | |||
| Monthly | 1.9% | 2.7% | |
| Annual | 11.9% | 13.1% | |
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 August 2024 compared with July 2024.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.3 | 1.6 |
| Transportation & Storage | 1.5 | 0.5 |
| Accommodation & Food Service Activities | -0.2 | 0.3 |
| Information & Communication | 3.9 | 5.4 |
| Professional, Scientific & Technical Activities | -4.2 | -4 |
| Administrative & Support Service Activities | 5.3 | 6.9 |
| Other Service Activities | -3 | -2.8 |
| All Services | 1.9 | 2.7 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for August 2024 compared with August 2023.
| Business Sectors | Annual Seasonally Adjusted Value | Annual Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 4.9 | 6.7 |
| Transportation & Storage | 10.6 | 5 |
| Accommodation & Food Service Activities | 0.9 | -2.6 |
| Information & Communication | 17.6 | 19.7 |
| Professional, Scientific & Technical Activities | 3.7 | 2.2 |
| Administrative & Support Service Activities | 14.2 | 13.4 |
| Other Service Activities | 7.6 | 2.9 |
| All Services | 11.9 | 13.1 |
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 | 0.05196 | 1.00802 |
| Transportation & Storage | 0.12361 | 0.89125 |
| Accommodation & Food Service Activities | -0.00731 | 0.04117 |
| Information & Communication | 2.03915 | 8.80478 |
| Professional, Scientific & Technical Activities | -0.35934 | 0.32361 |
| Administrative & Support Service Activities | 0.18034 | 0.49065 |
| Other Service Activities | -0.12536 | 0.31681 |
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 (08 October 2024) released Monthly Services Index August 2024 (Provisional) and July 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services was up 1.9% in August 2024, while the volume rose by 2.7% when compared with July 2024.
Value Monthly Change
The value of services output in August 2024 was up by 1.9% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Administrative & Support Service Activities (+5.3%), Information & Communication (+3.9%), Transportation & Storage (+1.5%), and Wholesale & Retail Trade (+0.3%). Decreases were observed in Professional, Scientific & Technical Activities (-4.2%), Other Service Activities (-3.0%), and Accommodation & Food Service Activities (-0.2%).
Value Annual Change
On an annual basis, the value of services was 11.9% higher in August 2024 when compared with August 2023. The largest annual growth was recorded in Information & Communication (+17.6%) and Administrative & Support Service Activities (+14.2%). Increases were also observed in Transportation & Storage (+10.6%), Other Service Activities (+7.6%), Wholesale & Retail Trade (+4.9%), Professional, Scientific & Technical Activities (+3.7%), and Accommodation & Food Service Activities (+0.9%).
Volume Monthly Change
The volume of services output in August 2024 was 2.7% higher when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume increases were Administrative & Support Service Activities (+6.9%), Information & Communication (+5.4%), Wholesale & Retail Trade (+1.6%), Transportation & Storage (+0.5%), and Accommodation & Food Service Activities (+0.3%). The sectors with monthly decreases were Professional, Scientific & Technical Activities (-4.0%) and Other Service Activities (-2.8%).
Volume Annual Change
On an annual basis, services were 13.1% higher in volume terms in August 2024 when compared with August 2023. The largest annual increases were in Information & Communication (+19.7%) and Administrative & Support Service Activities (+13.4%). Growth was also observed in Wholesale & Retail Trade (+6.7%), Transportation & Storage (+5.0%), Other Service Activities (+2.9%), and Professional, Scientific & Technical Activities (+2.2%). A decline was observed in Accommodation & Food Service Activities (-2.6%)."