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Monthly Services Index December 2022 (Provisional) November 2022 (Final)

Value of services decreased by 0.2% in December 2022, while volume increased by 2.5%

Online ISSN: 2009-5074
CSO statistical publication, , 11am

Key Findings

  • In December 2022 the value of services decreased by 0.2% when compared with November 2022.

  • Other Service Activities (+3.9%) recorded the largest monthly value increase.

  • The value of services output was 10.9% higher in December 2022 compared with December 2021.

  • The volume of services in December 2022 increased by 2.5% when compared with November 2022.

  • The sectors with the highest monthly volume growth in December 2022 were Other Service Activities (+3.6%) and Information & Communication (+3.1%).

  • Services were 6.9% higher in volume terms in December 2022 compared with December 2021.

Statistician's Comment

Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services decreased by 0.2% in December 2022, while the volume increased by 2.5% when compared with November 2022.

Value Monthly Change

The value of services output in December 2022 fell by 0.2% when compared with November 2022 on a seasonally adjusted basis. The sectors that recorded monthly increases were Other Service Activities (+3.9%), Information & Communication (+0.8%), and Transportation & Storage (+0.1%). The sectors which recorded a decrease in activity were Wholesale & Retail Trade (-2.9%), Accommodation & Food Service Activities (-2.3%), Administrative & Support Service Activities (-0.9%), and Professional, Scientific & Technical Activities (-0.1%). 

Value Annual Change

On an annual basis, the value of services was 10.9% higher in December 2022 compared with December 2021. Most sectors showed an increase in activity compared with December 2021, with significant growth recorded in some sectors. The largest annual increases were Accommodation & Food Service Activities (+54.7%), Other Service Activities (+42.4%), and Transportation & Storage (+19.5%). Caution should be exercised when interpreting these large increases, as the comparison is with a low base from a year ago. The remaining increases were in Administrative & Support Service Activities (+13.4%), Information & Communication (+9.4%), and Wholesale & Retail Trade (+5.2%). The only sector to fall over the 12 months to December 2022 was Professional, Scientific & Technical Activities (-2.2%).

Volume Monthly Change 

The volume of services output in December 2022 rose by 2.5% when compared with November 2022 on a seasonally adjusted basis. The sectors with monthly volume increases were Other Service Activities (+3.6%) and Information & Communication (+3.1%). The sectors that showed a notable volume decrease were Professional, Scientific & Technical Activities (-1.6%), Administrative & Support Service Activities (-1.4%), Wholesale & Retail Trade (-1.4%), and Accommodation & Food Service Activities (-1.1%). 

Volume Annual Change

On an annual basis, services were 6.9% higher in volume terms in December 2022 compared with December 2021. Most sectors showed an increase in volume. The largest annual growth was in Accommodation & Food Service Activities (+45.8%), Other Service Activities (+34.1%), and Administrative & Support Service Activities (+11.2%). However, caution should be exercised when interpreting these large increases, as the comparison is with a low base from the previous year. Professional, Scientific & Technical Activities (-3.1%) and Wholesale & Retail Trade (-1.3%) were the only sectors to show a decrease. 

Change of Services in December 2022 compared with pre-COVID-19

The value of services in December 2022 was 24.0% higher than February 2020 (34 months earlier and pre-COVID-19). The sectors with the largest increases in value since February 2020 were Information & Communication (+48.4%), Other Service Activities (+19.9%), and Wholesale & Retail Trade (+12.3%).

The volume of services in December 2022 was 19.7% higher than in February 2020 (34 months earlier and pre-COVID-19), with some sectors showing an increase from February 2020 levels. The largest rise was in Information & Communication (+50.2%)."

Graphs and Tables

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 and overall changes since February 2020 (pre-COVID-19).

Seasonally Adjusted Monthly Services Index Base Year( 2015=100)
  Value Index Volume Index
December 2021142.0 129.4
November 2022157.8 134.9
December 2022157.5 138.3
% change   
Monthly-0.2% 2.5%
Annual 10.9% 6.9%
February 2020 - December 202224.0% 19.7%
Figure 1: Monthly Services Index, January 2020 - December 2022
Figure 2: Monthly percentage change December 2022
Business SectorsMonth on MonthYear on Year
Professional, Scientific & Technical Activities (M)-0.00936-0.20684
Administrative & Support Service Activities (N)-0.033420.46761
Accommodation & Food Service Activities (I)-0.104231.7627
Information & Communication (J)0.408194.76634
Other Service Activities (NACE 68,92-92,95-96)0.178561.57379
Transportation & Storage (H)0.011641.49458
Wholesale & Retail Trade; Repair of Motor Vehicles
& Motorcycles (G)
-0.614531.10777

Annual value percentage changes, February 2020 (pre-COVID-19) to December 2022

As of December 2022, most sectors had surpassed their pre-COVID-19 value level. Information & Communication was 48.4% higher than its pre-COVID-19 level in February 2020.

However, Administrative & Support Service Activities (-6.4%) still remains significantly below its February 2020 pre-COVID-19 level.

Business SectorsDecember 2021 - December 2022February 2020 - December 2022
All Services10.924
Wholesale & Retail Trade; Repair of Motor Vehicles
& Motorcycles (G)
5.212.3
Transportation & Storage (H)19.5-0.5
Accommodation & Food Service Activities (I)54.70.3
Information & Communication (J)9.448.4
Professional, Scientific & Technical Activities (M)-2.23.5
Administrative & Support Service Activities (N)13.4-6.4
Other Service Activities ( NACE 68,92-93,95-96)42.419.9
1 Seasonally Adjusted Value and Volume Indices for the Non-Financial Traded sector

2 Seasonally Adjusted Value and Volume Indices for Wholesale and Retail Trade: Repair of Motor Vehicles and Motorcycles

3 Seasonally Adjusted Value and Volume Indices for Accommodation and Food Service Activities

4 Seasonally Adjusted Value and Volume Indices for Professional, Scientific and Technical Activities

5 Seasonally Adjusted Value and Volume Indices for Administrative and Support Service Activities

6 Seasonally Adjusted Value and Volume Indices for Transport and Storage

7 Seasonally Adjusted Value and Volume Indices for Information and Communication

8 Seasonally Adjusted Value and Volume Indices for Other Service Activities

9 Seasonally Adjusted Value and Volume percentage changes per sector February 2020 - December 2022