In June 2024 the value of services rose by 0.1% when compared with May 2024.
The value of services output was 10.8% higher in June 2024 in comparison with June 2023.
The largest monthly value increase was recorded in Information & Communication (+2.6%).
The volume of services in June 2024 rose by 0.5% when compared with May 2024.
Services were 9.7% higher in volume terms in June 2024 when compared with June 2023.
Administrative & Support Service Activities (+4.4%) 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. 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 | ||
| June 2023 | 161.8 | 142.7 | |
| May 2024 | 179.2 | 155.7 | |
| June 2024 | 179.4 | 156.5 | |
| % change | |||
| Monthly | 0.1% | 0.5% | |
| Annual | 10.8% | 9.7% | |
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 June 2024 compared with May 2024.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -2.2 | -2.2 |
| Transportation & Storage | -5.2 | -4.9 |
| Accommodation & Food Service Activities | -2.3 | -1.3 |
| Information & Communication | 2.6 | 2.3 |
| Professional, Scientific & Technical Activities | -4.5 | -4.8 |
| Administrative & Support Service Activities | 2 | 4.4 |
| Other Service Activities | 1.2 | 1.1 |
| All Services | 0.1 | 0.5 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for June 2024 compared with June 2023.
| Business Sectors | Annual Seasonally Adjusted Value | Annual Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 2.8 | 2.1 |
| Transportation & Storage | 3.4 | -0.6 |
| Accommodation & Food Service Activities | -1 | -5.5 |
| Information & Communication | 18.6 | 19 |
| Professional, Scientific & Technical Activities | -1.1 | -3.3 |
| Administrative & Support Service Activities | 7 | 7.9 |
| Other Service Activities | 17.7 | 11.8 |
| All Services | 10.8 | 9.7 |
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 | -0.44367 | 0.5844 |
| Transportation & Storage | -0.44204 | 0.29766 |
| Accommodation & Food Service Activities | -0.10045 | -0.04783 |
| Information & Communication | 1.33909 | 9.08957 |
| Professional, Scientific & Technical Activities | -0.37721 | -0.09907 |
| Administrative & Support Service Activities | 0.0661 | 0.25174 |
| Other Service Activities | 0.05422 | 0.75599 |
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 August 2024) released Monthly Services Index June 2024 (Provisional) and May 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services was up 0.1% in June 2024, while the volume rose by 0.5% when compared with May 2024.
Value Monthly Change
The value of services output in June 2024 was up 0.1% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Information & Communication (+2.6%), Administrative & Support Service Activities (+2.0%), and Other Service Activities (+1.2%). Decreases were observed in Transportation & Storage (-5.2%), Professional, Scientific & Technical Activities (-4.5%), Accommodation & Food Service Activities (-2.3%), and Wholesale & Retail Trade (-2.2%).
Value Annual Change
On an annual basis, the value of services was 10.8% higher in June 2024 when compared with June 2023. The largest annual growth was recorded in Information & Communication (+18.6%) and Other Service Activities (+17.7%). Increases were also observed in Administrative & Support Service Activities (+7.0%), Transportation & Storage (+3.4%), and Wholesale & Retail Trade (+2.8%). The two sectors to show an annual decrease were Professional, Scientific & Technical Activities (-1.1%) and Accommodation & Food Service Activities (-1.0%).
Volume Monthly Change
The volume of services output in June 2024 was 0.5% higher when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume increases were Administrative & Support Service Activities (+4.4%), Information & Communication (+2.3%), and Other Service Activities (+1.1%). The sectors with monthly decreases were Transportation & Storage (-4.9%), Professional, Scientific & Technical Activities (-4.8%), Wholesale & Retail Trade (-2.2%), and Accommodation & Food Service Activities (-1.3%).
Volume Annual Change
On an annual basis, services were 9.7% higher in volume terms in June 2024 when compared with June 2023. The largest annual increases were in Information & Communication (+19.0%) and Other Service Activities (+11.8%). Growth was also observed in Administrative & Support Service Activities (+7.9%) and Wholesale & Retail Trade (+2.1%). Decreases were observed in Accommodation & Food Service Activities (-5.5%), Professional, Scientific & Technical Activities (-3.3%), and Transportation & Storage (-0.6%)."