In December 2023 the value of services rose by 3.3% when compared with November 2023.
The value of services output was 7.3% higher in December 2023 in comparison with December 2022.
The largest monthly value increase in December 2023 was recorded in Other Service Activities (+17.3%).
The volume of services in December 2023 rose by 8.1% when compared with November 2023.
Services were 8.0% higher in volume terms in December 2023 when compared with December 2022.
Other Service Activities (+16.2%) recorded the largest monthly volume increase.
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.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| December 2022 | 157.4 | 136.9 | |
| November 2023 | 163.5 | 136.8 | |
| December 2023 | 168.9 | 147.9 | |
| % change | |||
| Monthly | 3.3% | 8.1% | |
| Annual | 7.3% | 8.0% | |
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 December 2023 compared with November 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.1 | 0.6 |
| Transportation & Storage | 0.4 | 0.8 |
| Accommodation & Food Service Activities | -4.1 | -4.8 |
| Information & Communication | 4.5 | 3.5 |
| Professional, Scientific & Technical Activities | 5.2 | 4.4 |
| Administrative & Support Service Activities | 0.2 | 0.7 |
| Other Service Activities | 17.3 | 16.2 |
| All Services | 3.3 | 8.1 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for December 2023 compared with December 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 4.2 | 1.4 |
| Transportation & Storage | 7 | 7 |
| Accommodation & Food Service Activities | -3.4 | -10 |
| Information & Communication | 8.2 | 11.4 |
| Professional, Scientific & Technical Activities | 13.5 | 10.3 |
| Administrative & Support Service Activities | 3.4 | 1.8 |
| Other Service Activities | 15 | 8.1 |
| All Services | 7.3 | 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 | 0.01973 | 0.87365 |
| Transportation & Storage | 0.0305 | 0.57765 |
| Accommodation & Food Service Activities | -0.18209 | -0.15955 |
| Information & Communication | 2.20925 | 4.06532 |
| Professional, Scientific & Technical Activities | 0.46141 | 1.15364 |
| Administrative & Support Service Activities | 0.00605 | 0.11963 |
| Other Service Activities | 0.76426 | 0.70176 |
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 (09 February 2024) released Monthly Services Index December 2023 (Provisional) and November 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division said: "The monthly value of services increased by 3.3% in December 2023 while the volume rose by 8.1% when compared with November 2023.
Value Monthly Change
The value of services output in December 2023 was up 3.3% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded the highest monthly increases were Other Service Activities (+17.3%), Professional, Scientific & Technical Activities (+5.2%), and Information & Communication (+4.5%). Increases were also seen in Transportation & Storage (+0.4%), Administrative & Support Service Activities (+0.2), and Wholesale & Retail Trade (+0.1%). The only sector to report a decrease in December 2023 was Accommodation & Food Service Activities (-4.1%).
Value Annual Change
On an annual basis, the value of services was 7.3% higher in December 2023 when compared with December 2022. The largest annual growth was in Other Service Activities (+15.0%), Professional, Scientific & Technical Activities (+13.5%), and Information & Communication (+8.2%). Increases were also observed in Transportation & Storage (+7.0%), Wholesale & Retail Trade (+4.2%), and Administrative & Support Service Activities (+3.4%). The only annual decrease was in Accommodation & Food Service Activities (-3.4%).
Volume Monthly Change
The volume of services output in December 2023 was 8.1% higher when compared with the previous month on a seasonally adjusted basis. The sectors with the highest monthly volume increases were Other Service Activities (+16.2%), Professional, Scientific & Technical Activities (+4.4%), and Information & Communication (+3.5%). Monthly volume growth was also seen in Transportation & Storage (+0.8%), Administrative & Support Service Activities (+0.7%), and Wholesale & Retail Trade (+0.6%). The only sector with a monthly decrease was Accommodation & Food Service Activities (-4.8%).
Volume Annual Change
On an annual basis, services were 8.0% higher in volume terms in December 2023 when compared with December 2022. The largest annual growth was in Information & Communication (+11.4%) and Professional, Scientific & Technical Activities (+10.3%). Increases were also observed in Other Service Activities (+8.1%), Transportation & Storage (+7.0%), Administrative & Support Service Activities (+1.8%), and Wholesale & Retail Trade (+1.4%). The only sector with an annual decrease was Accommodation & Food Service Activities (-10.0%)."