In November 2022 the value of services increased by 0.7% when compared with October 2022.
Other Service Activities (+5.9%) and Administrative & Support Service Activities (+3.9%) recorded the largest monthly value increases.
The value of services output was 11.5% higher in November 2022 compared with November 2021.
The volume of services in November 2022 decreased by 2.6% when compared with October 2022.
The sectors with the highest monthly volume increase in November 2022 were Administrative & Support Service Activities (+6.5%) and Other Service Activities (+2.6%).
Services were 6.7% higher in volume terms in November 2022 compared with November 2021.
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 and overall changes since February 2020 (pre-COVID-19).
| Seasonally Adjusted Monthly Services Index | Base Year( 2015=100) | ||
| Value Index | Volume Index | ||
| November 2021 | 141.8 | 126.1 | |
| October 2022 | 157.0 | 138.1 | |
| November 2022 | 158.1 | 134.5 | |
| % change | |||
| Monthly | 0.7% | -2.6% | |
| Annual | 11.5% | 6.7% | |
| February 2020 - November 2022 | 24.5% | 16.5% | |
| Business Sectors | Month on Month | Year on Year |
|---|---|---|
| Professional, Scientific & Technical Activities (M) | 0.0098 | -0.35643 |
| Administrative & Support Service Activities (N) | 0.13328 | 0.1585 |
| Accommodation & Food Service Activities (I) | 0.04884 | 1.25971 |
| Information & Communication (J) | -0.07082 | 6.70737 |
| Other Service Activities (NACE 68,92-92,95-96) | 0.25848 | 1.12004 |
| Transportation & Storage (H) | -0.20275 | 0.82416 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 0.53375 | 1.82296 |
As of November 2022, most sectors had surpassed their pre-COVID-19 value level. Information & Communication was 47.7% higher than its pre-COVID-19 level in February 2020.
However, Administrative & Support Service Activities (-7.9%) still remains significantly below its February 2020 pre-COVID-19 level.
| Business Sectors | November 2021 - November 2022 | February 2020 - November 2022 |
|---|---|---|
| All Services | 11.5 | 24.5 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 8.4 | 17.3 |
| Transportation & Storage (H) | 10 | -1.7 |
| Accommodation & Food Service Activities (I) | 33.4 | 1.3 |
| Information & Communication (J) | 13.8 | 47.7 |
| Professional, Scientific & Technical Activities (M) | -3.6 | 3.6 |
| Administrative & Support Service Activities (N) | 4.3 | -7.9 |
| Other Service Activities ( NACE 68,92-93,95-96) | 27.8 | 17 |
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Statistician's Comment
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 0.7% in November 2022, while the volume decreased by 2.6% when compared with October 2022.
Value Monthly Change
The value of services output in November 2022 increased by 0.7% when compared with October 2022 on a seasonally adjusted basis. The sectors that recorded monthly increases were Other Service Activities (+5.9%), Administrative & Support Service Activities (+3.9%), Wholesale & Retail Trade (+2.6%), Accommodation & Food Service Activities (+1.1%), and Professional, Scientific & Technical Activities (+0.1%). The sectors which recorded a decrease in activity were Transportation & Storage (-2.4%), and Information & Communication (-0.1%).
Value Annual Change
On an annual basis, the value of services was 11.5% higher in November 2022 compared with November 2021. Most sectors showed an increase in activity compared with November 2021, with significant growth recorded in some sectors. The largest annual increases were Accommodation & Food Service Activities (+33.4%), Other Service Activities (+27.8%), and Information & Communication (+13.8%). Caution should be exercised when interpreting these large increases, as the comparison is with a low base from a year ago. The remaining increases were in Transportation & Storage (+10.0%), Wholesale & Retail Trade (+8.4%), and Administrative & Support Service Activities (+4.3%). The only sector to fall over the 12 months to November 2022 was Professional, Scientific & Technical Activities (-3.6%).
Volume Monthly Change
The volume of services output in November 2022 decreased by 2.6% when compared with October 2022 on a seasonally adjusted basis. The sectors with monthly volume increases were Administrative & Support Service Activities (+6.5%), Other Service Activities (+2.6%), and Wholesale & Retail Trade (+0.3%). The sectors that showed a volume decrease were Transportation & Storage (-3.8%), Accommodation & Food Service Activities (-1.8%), Information & Communication (-1.3%), and Professional, Scientific & Technical Activities (-0.9%).
Volume Annual Change
On an annual basis, services were 6.7% higher in volume terms in November 2022 compared with November 2021. Most sectors showed an increase in volume. The largest annual increases were in Accommodation & Food Service Activities (+21.8%), Other Service Activities (+19.9%), and Information & Communication (+13.7%). 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 (-4.6%) and Wholesale & Retail Trade (-1.0%) were the only sectors to show a decrease.
Change of Services in November 2022 compared with pre-COVID-19
The value of services in November 2022 was 24.5% higher than February 2020 (33 months earlier and pre-COVID-19). The sectors with the largest increases in value since February 2020 were Information & Communication (+47.7%), Wholesale & Retail Trade (+17.3%), and Other Service Activities (+17.0%).
The volume of services in November 2022 was 16.5% higher than in February 2020 (33 months earlier and pre-COVID-19), with a some sectors showing an increase from February 2020 levels. The largest rise was in Information & Communication (+46.9%)."