In July 2024 the value of services remained unchanged when compared with June 2024.
The value of services output was 9.5% higher in July 2024 in comparison with July 2023.
The largest monthly value increase was recorded in Professional, Scientific & Technical Activities (+2.0%).
The volume of services in July 2024 fell by 0.8% when compared with June 2024.
Services were 8.0% higher in volume terms in July 2024 when compared with July 2023.
Other Service Activities (-5.9%) recorded the largest monthly volume decrease.
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 | ||
| July 2023 | 163.3 | 142.9 | |
| June 2024 | 178.8 | 155.6 | |
| July 2024 | 178.8 | 154.3 | |
| % change | |||
| Monthly | 0.0% | -0.8% | |
| Annual | 9.5% | 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 July 2024 compared with June 2024.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.5 | -0.2 |
| Transportation & Storage | 0.5 | 0.5 |
| Accommodation & Food Service Activities | -0.4 | -1.1 |
| Information & Communication | 0.3 | -1 |
| Professional, Scientific & Technical Activities | 2 | 2.5 |
| Administrative & Support Service Activities | -1.1 | -5.5 |
| Other Service Activities | -8.8 | -5.9 |
| All Services | 0 | -0.8 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for July 2024 compared with July 2023.
| Business Sectors | Annual Seasonally Adjusted Value | Annual Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 4.3 | 3.6 |
| Transportation & Storage | 9.9 | 5.2 |
| Accommodation & Food Service Activities | 0.8 | -4 |
| Information & Communication | 12.6 | 12.3 |
| Professional, Scientific & Technical Activities | 10.4 | 8.2 |
| Administrative & Support Service Activities | 7.2 | 5.3 |
| Other Service Activities | 8 | 3.8 |
| All Services | 9.5 | 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 | 0.0944898574 | 0.88047 |
| Transportation & Storage | 0.0420483958 | 0.80616 |
| Accommodation & Food Service Activities | -0.017137681 | 0.0389 |
| Information & Communication | 0.1566825337 | 6.3297 |
| Professional, Scientific & Technical Activities | 0.1656264686 | 0.88583 |
| Administrative & Support Service Activities | -0.038834195 | 0.25045 |
| Other Service Activities | -0.403401796 | 0.3408 |
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 September 2024) released Monthly Services Index July 2024 (Provisional) and June 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services remained unchanged in July 2024, while the volume fell by 0.8% when compared with June 2024.
Value Monthly Change
The value of services output in July 2024 was unchanged when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Professional, Scientific & Technical Activities (+2.0%), Transportation & Storage (+0.5%), Wholesale & Retail Trade (+0.5%), and Information & Communication (+0.3%). Decreases were observed in Other Service Activities (-8.8%), Administrative & Support Service Activities (-1.1%), and Accommodation & Food Service Activities (-0.4%).
Value Annual Change
On an annual basis, the value of services was 9.5% higher in July 2024 when compared with July 2023. The largest annual growth was recorded in Information & Communication (+12.6%) and Professional, Scientific & Technical Activities (+10.4%). Increases were also observed in Transportation & Storage (+9.9%), Other Service Activities (+8.0%), Administrative & Support Service Activities (+7.2%), Wholesale & Retail Trade (+4.3%), and Accommodation & Food Service Activities (+0.8%).
Volume Monthly Change
The volume of services output in July 2024 was 0.8% lower when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume decreases were Other Service Activities (-5.9%), Administrative & Support Service Activities (-5.5%), Accommodation & Food Service Activities (-1.1%), Information & Communication (-1.0%), and Wholesale & Retail Trade (-0.2%). The sectors with monthly increases were Professional, Scientific & Technical Activities (+2.5%) and Transportation & Storage (+0.5%).
Volume Annual Change
On an annual basis, services were 8.0% higher in volume terms in July 2024 when compared with July 2023. The largest annual increases were in Information & Communication (+12.3%) and Professional, Scientific & Technical Activities (+8.2%). Growth was also observed in Administrative & Support Service Activities (+5.3%), Transportation & Storage (+5.2%), Other Service Activities (+3.8%), and Wholesale & Retail Trade (+3.6%). A decline was observed in Accommodation & Food Service Activities (-4.0%)."