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In November 2023 the value of services fell by 3.9% when compared with October 2023.
The value of services output was 2.9% higher in November 2023 in comparison with November 2022.
The largest monthly value decrease in November 2023 was in Information & Communication (-7.7%).
The volume of services in November 2023 fell by 6.6% when compared with October 2023.
Services were 3.8% higher in volume terms in November 2023 when compared with November 2022.
Accommodation & Food Service Activities (-7.6%) recorded the largest monthly volume decrease.
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 | ||
| November 2022 | 158.6 | 131.7 | |
| October 2023 | 169.8 | 146.3 | |
| November 2023 | 163.2 | 136.7 | |
| % change | |||
| Monthly | -3.9% | -6.6% | |
| Annual | 2.9% | 3.8% | |
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 November 2023 compared with October 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.7 | 0 |
| Transportation & Storage | 1.8 | 1.8 |
| Accommodation & Food Service Activities | -3.3 | -7.6 |
| Information & Communication | -7.7 | -5.1 |
| Professional, Scientific & Technical Activities | -1.8 | -1.4 |
| Administrative & Support Service Activities | 2.1 | 5 |
| Other Service Activities | 0 | -0.3 |
| All Services | -3.9 | -6.6 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for November 2023 compared with November 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 2.3 | 3.6 |
| Transportation & Storage | 6.8 | 6.2 |
| Accommodation & Food Service Activities | -0.6 | -7.4 |
| Information & Communication | 3 | 7 |
| Professional, Scientific & Technical Activities | 6.4 | 3 |
| Administrative & Support Service Activities | 1.4 | -1.3 |
| Other Service Activities | -3.7 | -9.5 |
| All Services | 2.9 | 3.8 |
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 | 0.1471 | 0.47847 |
| Transportation & Storage | 0.14252 | 0.55546 |
| Accommodation & Food Service Activities | -0.14499 | -0.02668 |
| Information & Communication | -3.97132 | 1.46976 |
| Professional, Scientific & Technical Activities | -0.15286 | 0.54355 |
| Administrative & Support Service Activities | 0.06957 | 0.04988 |
| Other Service Activities | 0.00194 | -0.16733 |
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 (12 January 2024) released Monthly Services Index November 2023 (Provisional) and October 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division said: "The monthly value of services decreased by 3.9% in November 2023 while the volume was down by 6.6% when compared with October 2023.
Value Monthly Change
The value of services output in November 2023 fell by 3.9% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly decreases were Information & Communication (-7.7%), Accommodation & Food Service Activities (-3.3%), and Professional, Scientific & Technical Activities (-1.8%). The sectors which recorded growth in activity were Administrative & Support Service Activities (+2.1), Transportation & Storage (+1.8%), and Wholesale & Retail Trade (+0.7%). Other Service Activities remained unchanged when compared with October 2023.
Value Annual Change
On an annual basis, the value of services was 2.9% higher in November 2023 when compared with November 2022. The largest annual growth was in Transportation & Storage (+6.8%). Increases were also observed in Professional, Scientific & Technical Activities (+6.4%), Information & Communication (+3.0%), Wholesale & Retail Trade (+2.3%), and Administrative & Support Service Activities (1.4%). The two sectors which showed an annual decrease were Other Service Activities (-3.7%) and Accommodation & Food Service Activities (-0.6%).
Volume Monthly Change
The volume of services output in November 2023 was 6.6% lower when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume decreases were Accommodation & Food Service Activities (-7.6%), Information & Communication (-5.1%), Professional, Scientific & Technical Activities (-1.4%), and Other Service Activities (-0.3%). The sectors that showed an increase in volume were Administrative & Support Service Activities (+5.0%) and Transportation & Storage (+1.8%). Wholesale & Retail Trade remained unchanged in volume terms when compared with October 2023.
Volume Annual Change
On an annual basis, services were 3.8% higher in volume terms in November 2023 when compared with November 2022. The largest annual growth was in Information & Communication (+7.0%). Increases were also observed in Transportation & Storage (+6.2%), Wholesale & Retail Trade (+3.6%), and Professional, Scientific & Technical Activities (+3.0%). The sectors which recorded decreases in activity were Other Service Activities (-9.5%), Accommodation & Food Service Activities (-7.4%), and Administrative & Support Service Activities (-1.3%).”