In March 2023 the value of services increased by 0.1% when compared with February 2023.
The sectors with the highest monthly value growth in March 2023 were Other Service Activities (+2.3%) and Information & Communication (+1.2%).
The value of services output was 1.8% higher in March 2023 compared with March 2022.
The volume of services in March 2023 increased by 3.2% when compared with February 2023.
Other Service Activities (+2.2%) recorded the largest monthly volume increase.
Services were 3.7% higher in volume terms in March 2023 compared with March 2022.
The CSO has made a revision to correct a data error for January 2023 in the Information & Communication sector. This correction reduced the index for the Information & Communication sector and its corresponding monthly and annual percentage changes for January 2023. Therefore, the overall Services Index for January 2023 has also been revised as a result.
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.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| March 2022 | 158.3 | 138.7 | |
| February 2023 | 161.1 | 139.4 | |
| March 2023 | 161.2 | 143.8 | |
| % change | |||
| Monthly | 0.1% | 3.2% | |
| Annual | 1.8% | 3.7% | |
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | -3.5 | -3.2 |
| Transportation & Storage (H) | 0.8 | 1.3 |
| Accommodation & Food Service Activities (I) | 0.7 | -1.6 |
| Information & Communication (J) | 1.2 | 0.7 |
| Professional, Scientific & Technical Activities (M) | 0.8 | 1.3 |
| Administrative & Support Service Activities (N) | -0.3 | 1 |
| Other Service Activities (NACE 68, 92, 93, 95, 96) | 2.3 | 2.2 |
| All Services | 0.1 | 3.2 |
| X-axis label | Month on Month | Year on Year |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | -0.76323 | 1.21667 |
| Transportation & Storage (H) | 0.06339 | 0.58619 |
| Accommodation & Food Service Activities (I) | 0.03067 | 1.13328 |
| Information & Communication (J) | 0.58097 | -2.20656 |
| Professional, Scientific & Technical Activities (M) | 0.0702 | -0.27341 |
| Administrative & Support Service Activities (N) | -0.01189 | 0.1102 |
| Other Service Activities (NACE 68, 92, 93, 95, 96) | 0.10926 | 1.27464 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (19 May 2023) released Monthly Services Index March 2023 (Provisional) and February 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 0.1% in March 2023 and the volume increased by 3.2% when compared with February 2023.
Value Monthly Change
The value of services output in March 2023 increased by 0.1% when compared with February 2023 on a seasonally adjusted basis. The sectors that recorded monthly increases were Other Service Activities (+2.3%), Information & Communication (+1.2%), Transportation & Storage (+0.8%), Professional, Scientific & Technical Activities (+0.8%), and Accommodation & Food Service Activities (+0.7%). The sectors which recorded a decrease in activity were Wholesale & Retail Trade (-3.5%) and Administrative & Support Service Activities (-0.3%).
Value Annual Change
On an annual basis, the value of services was 1.8% higher in March 2023 compared with March 2022. Most sectors showed an increase in activity compared with March 2022, with significant growth recorded in some sectors. The largest annual increases were in Other Service Activities (+34.2%) and Accommodation & Food Service Activities (+31.2%). Caution should be exercised when interpreting these large increases, as the comparison is with a low base from a year ago. Positive changes were also observed in Transportation & Storage (+7.7%), Wholesale & Retail Trade (+6.0%), and Administrative & Support Service Activities (+3.1%). The sectors showing a fall over the 12 months to March 2023 were Information & Communication (-4.2%) and Professional, Scientific & Technical Activities (-3.0%).
Volume Monthly Change
The volume of services output in March 2023 rose by 3.2% when compared with February 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were Other Service Activities (+2.2%), Transportation & Storage (+1.3%), Professional, Scientific & Technical Activities (+1.3%), Administrative & Support Service Activities (+1.0%), and Information & Communication (+0.7%). The two sectors that showed a volume decrease were Wholesale & Retail Trade (-3.2%) and Accommodation & Food Service Activities (-1.6%).
Volume Annual Change
On an annual basis, services were 3.7% higher in volume terms in March 2023 when compared with March 2022. Most sectors showed an increase in volume. The largest annual growth was in Other Service Activities (+24.8%) and Accommodation & Food Service Activities (+18.2%). However, caution should be exercised when interpreting these large increases, as the comparison is with a low base from the previous year. Professional, Scientific & Technical Activities (-3.6%) and Information & Communication (-1.5%) were the only sectors to decline over the period."