In March 2024 the value of services rose by 0.2% when compared with February 2024.
The value of services output was 7.3% higher in March 2024 in comparison with March 2023.
The volume of services in March 2024 rose by 1.8% when compared with February 2024.
Services were 9.6% higher in volume terms in March 2024 when compared with March 2023.
The largest increases in both value and volume were recorded in Administrative & Support Service activities, with increases of +3.6% and +9.0% respectively.
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.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| March 2024 | 173.1 | 153.4 | |
| February 2024 | 172.8 | 150.7 | |
| March 2023 | 161.4 | 140.0 | |
| % change | |||
| Monthly | 0.2% | 1.8% | |
| Annual | 7.3% | 9.6% | |
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 March 2024 compared with February 2024.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 1.5 | 0.9 |
| Transportation & Storage | 3.5 | 4.4 |
| Accommodation & Food Service Activities | -2 | -4.6 |
| Information & Communication | -0.5 | 1.5 |
| Professional, Scientific & Technical Activities | -3.2 | -2.9 |
| Administrative & Support Service Activities | 3.6 | 9 |
| Other Service Activities | 0.9 | -0.5 |
| All Services | 0.2 | 1.8 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for March 2024 compared with March 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 7.4 | 7.9 |
| Transportation & Storage | 16.1 | 13.6 |
| Accommodation & Food Service Activities | -2.6 | -8.7 |
| Information & Communication | 7.6 | 14.3 |
| Professional, Scientific & Technical Activities | 4.6 | 1.9 |
| Administrative & Support Service Activities | 2.3 | 2.4 |
| Other Service Activities | 6.3 | 0.1 |
| All Services | 7.3 | 9.6 |
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 | 0.3064497074 | 1.5363 |
| Transportation & Storage | 0.2918121887 | 1.28599 |
| Accommodation & Food Service Activities | -0.088326227 | -0.11997 |
| Information & Communication | -0.2349336 | 3.76817 |
| Professional, Scientific & Technical Activities | -0.275875213 | 0.40143 |
| Administrative & Support Service Activities | 0.1174056319 | 0.08178 |
| Other Service Activities | 0.0426689122 | 0.29664 |
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 (10 May 2024) released Monthly Services Index March 2024 (Provisional) and February 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division said: "The monthly value of services increased by 0.2% in March 2024 while the volume rose by 1.8% when compared with February 2024.
Value Monthly Change
The value of services output in March 2024 was up 0.2% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Administrative & Support Service Activities (+3.6%), Transportation & Storage (+3.5%), Wholesale & Retail Trade (+1.5%), and Other Service Activities (+0.9%). Decreases were recorded in Professional, Scientific & Technical Activities (-3.2%), Accommodation & Food Service Activities (-2.0%), and Information & Communication (-0.5%).
Value Annual Change
On an annual basis, the value of services was 7.3% higher in March 2024 when compared with March 2023. The largest annual growth was in Transportation & Storage (+16.1%) and Information & Communication (+7.6%). Increases were also observed in Wholesale & Retail Trade (+7.4%), Other Service Activities (+6.3%), Professional, Scientific & Technical Activities (+4.6%), and Administrative & Support Service Activities (+2.3%). Accommodation & Food Service Activities (-2.6%) was the only sector with an annual decrease.
Volume Monthly Change
The volume of services output in March 2024 was 1.8% higher when compared with the previous month on a seasonally adjusted basis. The sectors with the highest monthly volume increases were Administrative & Support Service Activities (+9.0%) and Transportation & Storage (+4.4%). Monthly volume growth was also seen in Information & Communication (+1.5%) and Wholesale & Retail Trade (+0.9%). The sectors with a monthly decrease were Accommodation & Food Service Activities (-4.6%), Professional, Scientific & Technical Activities (-2.9%), and Other Service Activities (-0.5%).
Volume Annual Change
On an annual basis, services were 9.6% higher in volume terms in March 2024 when compared with March 2023. The largest annual increase was in Information & Communication (+14.3%) and Transportation & Storage (+13.6%). Growth was also observed in Wholesale & Retail Trade (+7.9%), Administrative & Support Service Activities (+2.4%), Professional, Scientific & Technical Activities (+1.9%), and Other Service Activities (+0.1%). The only sector with an annual decrease was Accommodation & Food Service Activities (-8.7%)."