In July 2022 the value of services increased by 0.5% when compared with June 2022.
Transportation & Storage (+4.2%) and Accommodation & Food Service Activities (+1.9%) recorded the largest monthly value increases.
The value of services output was 21.4% higher in July 2022 compared with July 2021.
When compared with February 2020 (29 months earlier and pre-COVID-19), the value of services was 24.1% higher in July 2022.
The volume of services in July 2022 increased by 0.9% when compared with June 2022.
The sectors with the highest monthly volume increase in July 2022 were Information & Communication (+1.3%) and Other Service Activities (+1.0%).
Services were 17.2% higher in volume terms in July 2022 compared with July 2021.
The volume of services in July 2022 was 21.2% higher than February 2020 (29 months earlier and pre-COVID-19).
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 | ||
| July 2021 | 129.6 | 119.3 | |
| June 2022 | 156.7 | 138.6 | |
| July 2022 | 157.4 | 139.8 | |
| % change | |||
| Monthly | 0.5% | 0.9% | |
| Annual | 21.4% | 17.2% | |
| February 2020 - July 2022 | 24.1% | 21.2% | |
| Business Sectors | Month on Month | Year on Year |
|---|---|---|
| Professional, Scientific & Technical Activities (M) | -0.46817 | 0.0376 |
| Administrative & Support Service Activities (N) | -0.26632 | 0.3575 |
| Accommodation & Food Service Activities (I) | 0.08319 | 2.0486 |
| Information & Communication (J) | 0.69355 | 11.8271 |
| Other Service Activities (NACE 68,92-92,95-96) | 0.05446 | 1.1433 |
| Transportation & Storage (H) | 0.35131 | 3.7684 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 0.03529 | 2.2393 |
Several sectors had significant annual value changes in July 2022 but were still lower or similar to their pre-COVID-19 level. Accommodation and Food Service Activities increased by 63.5% annually but was still 2.9% lower than their pre COVID-19 level in February 2020.
The annual value increase in the Transportation & Storage sector in July 2022 was 55.4% while the increase in this sector since February 2020 was 5.0%.
| Business Sectors | July 2021 - July 2022 | February 2020 - July 2022 |
|---|---|---|
| All Services | 21.5 | 24.1 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 9.9 | 13.9 |
| Transportation & Storage (H) | 55.4 | 5 |
| Accommodation & Food Service Activities (I) | 63.5 | -2.9 |
| Information & Communication (J) | 24.1 | 48.9 |
| Professional, Scientific & Technical Activities (M) | 0.4 | 8.7 |
| Administrative & Support Service Activities (N) | 9.8 | -12.5 |
| Other Service Activities ( NACE 68,92-93,95-96) | 31.5 | -1.3 |
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Statistician's Comment
Commenting on the release, Stephanie Kelleher, Statistician in the Business Statistics Division, said: "The value of services increased by 0.5% in July 2022, while volume increased by 0.9% when compared with June 2022.
Value Monthly Change
The value of services output in July 2022 increased by 0.5% when compared with June 2022 on a seasonally adjusted basis. The sectors that recorded monthly increases were Transportation & Storage (+4.2%), Accommodation & Food Service Activities (+1.9%), Information & Communication (+1.4%), Other Service Activities (+1.4%), and Wholesale & Retail Trade (+0.2%). Decreases were recorded in Administrative & Support Service Activities (-7.4%), and Professional, Scientific & Technical Activities (-4.9%).
Value Annual Change
On an annual basis, the value of services was 21.4% higher in July 2022 compared with July 2021. All sectors showed an increase in activity compared with June 2021, with a number of sectors showing large annual increases. The largest annual increases were in Accommodation & Food Service Activities (+63.5%), Transportation & Storage (+55.4%), and Other Service Activities (+31.6%). Caution should be exercised when interpreting these increases, as the comparison is with a very low base from a year ago. The remaining increases were in Information & Communication (+24.1%), Wholesale & Retail Trade (+9.9%), Administrative & Support Service Activities (+9.7%), and Professional, Scientific & Technical Activities (+0.3%).
Volume Monthly Change
The volume of services output in July 2022 increased by 0.9% when compared with June 2022 on a seasonally adjusted basis. The sectors with monthly volume increases were Information & Communication (+1.3%), Other Service Activities (+1.0%), Transportation & Storage (+0.6%), and Accommodation & Food Service Activities (+0.3%). Sectors showing monthly volume decreases in activity were Administrative & Support Service Activities (-7.9%), Professional, Scientific & Technical Activities (-3.7%) and Wholesale & Retail Trade (-2.0%).
Volume Annual Change
On an annual basis, services were 17.2% higher in volume terms in July 2022 compared with July 2021. Most sectors showed an increase in volume. The largest annual sector increases were in Accommodation & Food Service Activities (+50.0%) and Transportation & Storage (+33.7%). However, caution should be exercised when interpreting these increases, as the comparison is with a very low base from the previous year.
Change of Services in July 2022 compared with pre-COVID-19
The value of services in July 2022 was 24.1% higher than February 2020 (29 months earlier and pre-COVID-19). The sectors showing an increase in value since February 2020 were Information & Communication (+48.9%), Wholesale & Retail Trade (+13.9%), Professional, Scientific & Technical Activities (+8.7%), and Transportation & Storage (+5.0%). The sectors which recorded a decrease in activity were Administrative & Support Service Activities (-12.5%), Accommodation & Food Service Activities (-2.9%), and Other Service Activities (-1.3%).
The volume of services in July 2022 was 21.2% higher than February 2020 (29 months earlier and pre-COVID-19), with a number of sectors showing an increase from February 2020 levels. These sectors were Information & Communication (+51.2%), Professional, Scientific & Technical Activities (+4.1%), and Wholesale & Retail Trade (+3.2%). The sectors which showed a decrease in activity since February 2020 were Administrative & Support Service Activities (-21.1%), Accommodation & Food Service Activities (-11.7%), Other Service Activities (-9.9%), and Transportation & Storage (-8.1%)."