In December 2024, the value of services was unchanged when compared with November 2024.
The value of services output was 11.5% higher in December 2024 in comparison with December 2023.
The volume of services was up by 0.4% in December 2024 when compared with November 2024.
Services were 11.0% higher in volume terms in December 2024 when compared with December 2023.
The largest monthly increases in both value and volume were recorded in Administrative & Support Service Activities which grew by 7.6% and 8.1% 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 | ||
| December 2023 | 169.4 | 147.8 | |
| November 2024 | 188.8 | 163.3 | |
| December 2024 | 188.8 | 164.0 | |
| % change | |||
| Monthly | 0.0% | 0.4% | |
| Annual | 11.5% | 11.0% | |
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 2024 compared with November 2024.
| Business Sectors | Monthly Seasonally Adjusted Value | Monthly Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 1 | 0 |
| Transportation & Storage | 1.8 | 1.9 |
| Accommodation & Food Service Activities | 2.9 | 1.1 |
| Information & Communication | -2.5 | -3.5 |
| Professional, Scientific & Technical Activities | 4.1 | 4.4 |
| Administrative & Support Service Activities | 7.6 | 8.1 |
| Other Service Activities | 5.2 | 4.4 |
| All Services | 0 | 0.4 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for December 2024 compared with December 2023.
| Business Sectors | Annual Seasonally Adjusted Value | Annual Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 9 | 9.7 |
| Transportation & Storage | 9.7 | 4.6 |
| Accommodation & Food Service Activities | 20.7 | 15.9 |
| Information & Communication | 11.3 | 9.9 |
| Professional, Scientific & Technical Activities | 6.7 | 5.7 |
| Administrative & Support Service Activities | 25.6 | 24 |
| Other Service Activities | 17.4 | 11.9 |
| All Services | 11.5 | 11 |
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 | 0.18668 | 1.82577 |
| Transportation & Storage | 0.1464 | 0.80162 |
| Accommodation & Food Service Activities | 0.12684 | 0.86195 |
| Information & Communication | -1.31095 | 5.74317 |
| Professional, Scientific & Technical Activities | 0.3328 | 0.58818 |
| Administrative & Support Service Activities | 0.26783 | 0.865 |
| Other Service Activities | 0.23429 | 0.78443 |
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 (10 February 2025) published Monthly Services Index December 2024 (Provisional) and November 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services remained unchanged in December 2024, while the volume was up by 0.4% when compared with November 2024.
Value Monthly Change
The value of services output in December 2024 was unchanged when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Administrative & Support Service Activities (+7.6%), Other Service Activities (5.2%), Professional, Scientific & Technical Activities (4.1%), Accommodation & Food Service Activities (+2.9%), Transportation & Storage (+1.8%), and Wholesale & Retail Trade (+1.0%). Information & Communication (-2.5%) was the only sector which showed a monthly decrease.
Value Annual Change
On an annual basis, the value of services was 11.5% higher in December 2024 when compared with December 2023. The largest annual growth was recorded in Administrative & Support Service Activities (+25.6%). Increases were also observed in Accommodation & Food Service Activities (+20.7%), Other Service Activities (+17.4%), Information & Communication (+11.3%), Transportation & Storage (+9.7%), Wholesale & Retail Trade (+9.0%), and Professional, Scientific & Technical Activities (+6.7%).
Volume Monthly Change
The volume of services output in December 2024 was up by 0.4% when compared with the previous month on a seasonally adjusted basis. The sectors with monthly increases were Administrative & Support Service Activities (+8.1%), Other Service Activities (+4.4%), Professional, Scientific & Technical Activities (+4.4%), Transportation & Storage (+1.9%), and Accommodation & Food Service Activities (+1.1%). A decline was observed in Information & Communication (-3.5%), while Wholesale & Retail Trade remained unchanged in volume terms when compared with November 2024.
Volume Annual Change
On an annual basis, services were 11.0% higher in volume terms in December 2024 when compared with December 2023. The largest annual increases were in Administrative & Support Service Activities (+24.0%) and Accommodation & Food Service Activities (+15.9%). Growth was also observed in Other Service Activities (+11.9%), Information & Communication (+9.9%), Wholesale & Retail Trade (+9.7%), Professional, Scientific & Technical Activities (+5.7%), and Transportation & Storage (+4.6%)."