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In May 2024 the value of services fell by 1.6% when compared with April 2024.
The value of services output was 9.1% higher in May 2024 in comparison with May 2023.
The largest monthly value decrease was recorded in Professional, Scientific & Technical Activities (-8.2%).
The volume of services in May 2024 rose by 0.8% when compared with April 2024.
Services were 10.2% higher in volume terms in May 2024 when compared with May 2023.
Transportation & Storage (+4.3%) 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 | ||
| May 2024 | 177.8 | 155.6 | |
| April 2024 | 180.7 | 154.3 | |
| May 2023 | 163.0 | 141.2 | |
| % change | |||
| Monthly | -1.6% | 0.8% | |
| Annual | 9.1% | 10.2% | |
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 May 2024 compared with April 2024.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -3.1 | -1.6 |
| Transportation & Storage | 4.3 | 4.3 |
| Accommodation & Food Service Activities | 4.3 | 1.4 |
| Information & Communication | -1.4 | 1.2 |
| Professional, Scientific & Technical Activities | -8.2 | -8.4 |
| Administrative & Support Service Activities | 0 | -1.6 |
| Other Service Activities | -0.2 | -0.4 |
| All Services | -1.6 | 0.8 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for May 2024 compared with May 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 5.6 | 6 |
| Transportation & Storage | 13.6 | 10.4 |
| Accommodation & Food Service Activities | 5.2 | 0.1 |
| Information & Communication | 10.7 | 15.1 |
| Professional, Scientific & Technical Activities | 7.1 | 4 |
| Administrative & Support Service Activities | 4.8 | 5 |
| Other Service Activities | 9.9 | 4.5 |
| All Services | 9.1 | 10.2 |
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 | -0.633033598 | 1.1631 |
| Transportation & Storage | 0.3520371872 | 1.13824 |
| Accommodation & Food Service Activities | 0.1816469789 | 0.24421 |
| Information & Communication | -0.719825575 | 5.29385 |
| Professional, Scientific & Technical Activities | -0.758767941 | 0.62001 |
| Administrative & Support Service Activities | 0.0000249013 | 0.16905 |
| Other Service Activities | -0.009046727 | 0.44656 |
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 July 2024) released Monthly Services Index May 2024 (Provisional) and April 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services decreased by 1.6% in May 2024, while the volume rose by 0.8% when compared with April 2024.
Value Monthly Change
The value of services output in May 2024 was down 1.6% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly decreases were Professional, Scientific & Technical Activities (-8.2%), Wholesale & Retail Trade (-3.1%), Information & Communication (-1.4%), and Other Service Activities (-0.2%). Both Transportation & Storage and Accommodation & Food Service Activities showed a 4.3% increase, while Administrative & Support Service Activities remained unchanged in value terms when compared with April 2024.
Value Annual Change
On an annual basis, the value of services was 9.1% higher in May 2024 when compared with May 2023. The largest annual growth was recorded in Transportation & Storage (+13.6%) and Information & Communication (+10.7%). Increases were also observed in Other Service Activities (+9.9%), Professional, Scientific & Technical Activities (+7.1%), Wholesale & Retail Trade (+5.6%), Accommodation & Food Service Activities (+5.2%), and Administrative & Support Service Activities (+4.8%).
Volume Monthly Change
The volume of services output in May 2024 was 0.8% higher when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume increases were Transportation & Storage (+4.3%), Accommodation & Food Service Activities (+1.4%), and Information & Communication (+1.2%). The sectors with monthly decreases were Professional, Scientific & Technical Activities (-8.4%), Wholesale & Retail Trade (-1.6%), Administrative & Support Service Activities (-1.6%), and Other Service Activities (-0.4%).
Volume Annual Change
On an annual basis, services were 10.2% higher in volume terms in May 2024 when compared with May 2023. The largest annual increases were in Information & Communication (+15.1%) and Transportation & Storage (+10.4%). Growth was also observed in Wholesale & Retail Trade (+6.0%), Administrative & Support Service Activities (+5.0%), Other Service Activities (+4.5%), Professional, Scientific & Technical Activities (+4.0%), and Accommodation & Food Service Activities (+0.1%)."