In January 2024 the value of services rose by 1.7% when compared with December 2023.
The value of services output was 8.6% higher in January 2024 in comparison with January 2023.
The largest monthly value increase in January 2024 was recorded in Wholesale & Retail Trade (+3.2%).
The volume of services in January 2024 rose by 0.8% when compared with December 2023.
Services were 7.6% higher in volume terms in January 2024 when compared with January 2023.
Wholesale & Retail Trade (+2.2%) 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 | ||
| January 2024 | 171.6 | 148.0 | |
| December 2023 | 168.7 | 146.8 | |
| January 2023 | 158.0 | 137.6 | |
| % change | |||
| Monthly | 1.7% | 0.8% | |
| Annual | 8.6% | 7.6% | |
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 January 2024 compared with December 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 3.2 | 2.2 |
| Transportation & Storage | 2.4 | 1.5 |
| Accommodation & Food Service Activities | 2.2 | 2 |
| Information & Communication | 2.6 | 0.2 |
| Professional, Scientific & Technical Activities | -5.6 | -4.8 |
| Administrative & Support Service Activities | -0.2 | -1.4 |
| Other Service Activities | -2 | -2.3 |
| All Services | 1.7 | 0.8 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for January 2024 compared with January 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 1 | 1.7 |
| Transportation & Storage | 4.7 | 5.2 |
| Accommodation & Food Service Activities | -2.7 | -8.2 |
| Information & Communication | 16.9 | 20 |
| Professional, Scientific & Technical Activities | -0.9 | -3.4 |
| Administrative & Support Service Activities | 0.7 | 0.6 |
| Other Service Activities | 2.3 | -3.5 |
| All Services | 8.6 | 7.6 |
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 | 0.65329 | 0.22929 |
| Transportation & Storage | 0.20161 | 0.40721 |
| Accommodation & Food Service Activities | 0.09312 | -0.12504 |
| Information & Communication | 1.31343 | 7.99123 |
| Professional, Scientific & Technical Activities | -0.49405 | -0.07958 |
| Administrative & Support Service Activities | -0.00615 | 0.02403 |
| Other Service Activities | -0.09153 | 0.11006 |
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 (07 March 2024) released Monthly Services Index January 2024 (Provisional) and December 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division said: "The monthly value of services increased by 1.7% in January 2024 while the volume rose by 0.8% when compared with December 2023.
Value Monthly Change
The value of services output in January 2024 was up 1.7% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded the highest monthly growth were Wholesale & Retail Trade (+3.2%) and Information & Communication (+2.6%). Increases were also seen in Transportation & Storage (+2.4%) and Accommodation & Food Service Activities (+2.2%). The sectors to report a decrease in January 2024 were Professional, Scientific & Technical Activities (-5.6%), Other Service Activities (-2.0%), and Administrative & Support Service Activities (-0.2%).
Value Annual Change
On an annual basis, the value of services was 8.6% higher in January 2024 when compared with January 2023. The largest annual growth was in Information & Communication (+16.9%) and Transportation & Storage (+4.7%). Increases were also observed in Other Service Activities (+2.3%), Wholesale & Retail Trade (+1.0%), and Administrative & Support Service Activities (+0.7%). Annual decreases were recorded in Accommodation & Food Service Activities (-2.7%) and Professional, Scientific & Technical Activities (-0.9%).
Volume Monthly Change
The volume of services output in January 2024 was 0.8% higher when compared with the previous month on a seasonally adjusted basis. The sectors with the highest monthly volume increases were Wholesale & Retail Trade (+2.2%) and Accommodation & Food Service Activities (+2.0%). Monthly volume growth was also seen in Transportation & Storage (+1.5%) and Information & Communication (+0.2%). The sectors with a monthly decrease were Professional, Scientific & Technical Activities (-4.8%), Other Service Activities (-2.3%), and Administrative & Support Service Activities (-1.4%).
Volume Annual Change
On an annual basis, services were 7.6% higher in volume terms in January 2024 when compared with January 2023. The largest annual increase was in Information & Communication (+20.0%) and Transportation & Storage (+5.2%). Growth was also observed in Wholesale & Retail Trade (+1.7%) and Administrative & Support Service Activities (+0.6%). The sectors with an annual decrease were Accommodation & Food Service Activities (-8.2%), Other Service Activities (-3.5%), and Professional, Scientific & Technical Activities (-3.4%)."