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In June 2023 the value of services increased by 0.6% when compared with May 2023.
The value of services output was 3.7% higher in June 2023 in comparison with June 2022.
The sector with the highest monthly value growth in June 2023 was Accommodation & Food Service Activities (+2.4%).
The volume of services in June 2023 increased by 1.0% when compared with May 2023.
Services were 3.4% higher in volume terms in June 2023 in comparison with June 2022.
Transportation & Storage (+2.6%) 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 negates the impact of price changes.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| June 2022 | 157.5 | 139.0 | |
| May 2023 | 162.4 | 142.3 | |
| June 2023 | 163.3 | 143.7 | |
| % change | |||
| Monthly | 0.6% | 1.0% | |
| Annual | 3.7% | 3.4% | |
Figure 1 shows the seasonally adjusted value and volume indices for the Monthly Service Index.
Ā© Central Statistics Office, Ireland
https://data.cso.ie/table/MSI02
Figure 2a presents the monthly seasonally adjusted value and volume percentage changes for June 2023 compared with May 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -0.2 | -1 |
| Transportation & Storage | 2.1 | 2.6 |
| Accommodation & Food Service Activities | 2.4 | 2.5 |
| Information & Communication | 0.7 | 1.3 |
| Professional, Scientific & Technical Activities | 0.1 | -0.8 |
| Administrative & Support Service Activities | 1.5 | 2.3 |
| Other Service Activities | -1.2 | -1.6 |
| All Services | 0.6 | 1 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for June 2023 compared with June 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 1.4 | 0.3 |
| Transportation & Storage | 6.8 | -0.4 |
| Accommodation & Food Service Activities | 20.6 | 13.7 |
| Information & Communication | 2.7 | 2.2 |
| Professional, Scientific & Technical Activities | -3.3 | -4.9 |
| Administrative & Support Service Activities | 4.6 | 0.1 |
| Other Service Activities | 20.3 | 13.5 |
| All Services | 3.7 | 3.4 |
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 | -0.04188 | 0.30268 |
| Transportation & Storage | 0.17529 | 0.56653 |
| Accommodation & Food Service Activities | 0.11287 | 0.86254 |
| Information & Communication | 0.3435 | 1.33147 |
| Professional, Scientific & Technical Activities | 0.00487 | -0.30615 |
| Administrative & Support Service Activities | 0.05375 | 0.16618 |
| Other Service Activities | -0.0562 | 0.80393 |
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 (04 August 2023) released Monthly Services Index June 2023 (Provisional) and May 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 0.6% in June 2023 while the volume increased by 1.0% when compared with May 2023.
Value Monthly Change
The value of services output in June 2023 increased by 0.6% when compared with May 2023 on a seasonally adjusted basis. The sectors that recorded monthly increases were Accommodation & Food Service Activities (+2.4%), Transportation & Storage (+2.1%), Administrative & Support Service Activities (+1.5%), Information & Communication (+0.7%), and Professional, Scientific & Technical Activities (+0.1%). Decreases were recorded in Other Service Activities (-1.2%) and Wholesale & Retail Trade (-0.2%).
Value Annual Change
On an annual basis, the value of services was 3.7% higher in June 2023 when compared with June 2022. Almost all sectors showed an increase in activity compared with June 2022, with significant growth recorded in some sectors. The largest annual increases were in Accommodation & Food Service Activities (+20.6%) and Other Service Activities (+20.3%). Positive changes were also observed in Transportation & Storage (+6.8%), Administrative & Support Service Activities (+4.6%), Information & Communication (+2.7%), and Wholesale & Retail Trade (+1.4%). The only sector which recorded a decrease in activity was Professional, Scientific & Technical Activities (-3.3%).
Volume Monthly Change
The volume of services output in June 2023 rose by 1.0% when compared with May 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were Transportation & Storage (+2.6%), Accommodation & Food Service Activities (+2.5%), Administrative & Support Service Activities (+2.3%), and Information & Communication (+1.3%). The sectors that showed a volume decrease were Other Service Activities (-1.6%), Wholesale & Retail Trade (-1.0%), and Professional, Scientific & Technical Activities (-0.8%).
Volume Annual Change
On an annual basis, services were 3.4% higher in volume terms in June 2023 when compared with June 2022. The largest annual growth was in Accommodation & Food Service Activities (+13.7%), Other Service Activities (+13.5%), and Information & Communication (+2.2%). The sector with the largest decline was Professional, Scientific & Technical Activities (-4.9%)."