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In February 2024 the value of services fell by 0.3% when compared with January 2024.
The value of services output was 7.3% higher in February 2024 in comparison with February 2023.
The largest monthly value decrease in February 2024 was recorded in Administrative & Support Service Activities (-2.9%).
The volume of services in February 2024 rose by 0.7% when compared with January 2024.
Services were 6.8% higher in volume terms in February 2024 when compared with February 2023.
Professional, Scientific & Technical Activities (+2.9%) 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 | ||
| February 2024 | 172.3 | 148.8 | |
| January 2024 | 172.8 | 147.8 | |
| February 2023 | 160.6 | 139.3 | |
| % change | |||
| Monthly | -0.3% | 0.7% | |
| Annual | 7.3% | 6.8% | |
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 February 2024 compared with January 2024.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -1.3 | 0.3 |
| Transportation & Storage | 1.6 | 2.5 |
| Accommodation & Food Service Activities | 2.9 | 1.5 |
| Information & Communication | -1.1 | 0.8 |
| Professional, Scientific & Technical Activities | 3.3 | 2.9 |
| Administrative & Support Service Activities | -2.9 | -3.7 |
| Other Service Activities | 2.8 | 2.8 |
| All Services | -0.3 | 0.7 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for February 2024 compared with February 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 1.5 | 2.8 |
| Transportation & Storage | 12.3 | 9.8 |
| Accommodation & Food Service Activities | -0.1 | -5 |
| Information & Communication | 10.6 | 12.3 |
| Professional, Scientific & Technical Activities | 6.8 | 4.4 |
| Administrative & Support Service Activities | -1.8 | -3.9 |
| Other Service Activities | 5.3 | 0 |
| All Services | 7.3 | 6.8 |
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 | -0.267982006 | 0.32356 |
| Transportation & Storage | 0.1331513012 | 0.98537 |
| Accommodation & Food Service Activities | 0.1224019603 | -0.0024 |
| Information & Communication | -0.584447517 | 5.19957 |
| Professional, Scientific & Technical Activities | 0.2715003012 | 0.58799 |
| Administrative & Support Service Activities | -0.09831122 | -0.0664 |
| Other Service Activities | 0.1243699748 | 0.24579 |
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 April 2024) released Monthly Services Index February 2024 (Provisional) and January 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division said: "The monthly value of services decreased by 0.3% in February 2024 while the volume rose by 0.7% when compared with January 2024.
Value Monthly Change
The value of services output in February 2024 was down 0.3% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly decreases were Administrative & Support Service Activities (-2.9%), Wholesale & Retail Trade (-1.3%), and Information & Communication (-1.1%). Increases were recorded in Professional, Scientific & Technical Activities (+3.3%), Accommodation & Food Service Activities (+2.9%), Other Service Activities (+2.8%), and Transportation & Storage (+1.6%).
Value Annual Change
On an annual basis, the value of services was 7.3% higher in February 2024 when compared with February 2023. The largest annual growth was in Transportation & Storage (+12.3%) and Information & Communication (+10.6%). Increases were also observed in Professional, Scientific & Technical Activities (+6.8%), Other Service Activities (+5.3%), and Wholesale & Retail Trade (+1.5%). Annual decreases were recorded in Administrative & Support Service Activities (-1.8%) and Accommodation & Food Service Activities (-0.1%).
Volume Monthly Change
The volume of services output in February 2024 was 0.7% higher when compared with the previous month on a seasonally adjusted basis. The sectors with the highest monthly volume increases were Professional, Scientific & Technical Activities (+2.9%) and Other Service Activities (+2.8%). Monthly volume growth was also seen in Transportation & Storage (+2.5%), Accommodation & Food Service Activities (+1.5%), Information & Communication (+0.8%), and Wholesale & Retail Trade (+0.3%). The only sector with a monthly decrease was Administrative & Support Service Activities (-3.7%).
Volume Annual Change
On an annual basis, services were 6.8% higher in volume terms in February 2024 when compared with February 2023. The largest annual increase was in Information & Communication (+12.3%) and Transportation & Storage (+9.8%). Growth was also observed in Professional, Scientific & Technical Activities (+4.4%) and Wholesale & Retail Trade (+2.8%). The sectors with an annual decrease were Accommodation & Food Service Activities (-5.0%) and Administrative & Support Service Activities (-3.9%). Other Service Activities (0.0%) was unchanged when compared with February 2023."