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Monthly Services Index November 2023 (Provisional) October 2023 (Final)

Value of services down 3.9% and volume down 6.6% in November 2023

Online ISSN: 2009-5074
CSO statistical release, , 11am

Key Findings

  • 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.

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%).”

Headline Table

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 2022158.6 131.7
October 2023169.8 146.3
November 2023163.2 136.7
% change   
Monthly-3.9% -6.6%
Annual 2.9% 3.8%

Seasonally Adjusted Value and Volume Index for Monthly Services

Figure 1 shows the seasonally adjusted value and volume indices for the Monthly Service Index.

Figure 1: Monthly Services Seasonally Adjusted Value and Volume Indices, November 2021 – November 2023
Table 1 Seasonally Adjusted Indices for All Services

Monthly and Annual Seasonally Adjusted Value and Volume percentage changes

Figure 2a presents the monthly seasonally adjusted value and volume percentage changes for November 2023 compared with October 2023.

Business SectorsSeasonally Adjusted ValueSeasonally Adjusted Volume
Wholesale & Retail Trade; Repair of Motor Vehicles
& Motorcycles
0.70
Transportation & Storage1.81.8
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 Activities2.15
Other Service Activities0-0.3
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 SectorsSeasonally Adjusted ValueSeasonally Adjusted Volume
Wholesale & Retail Trade; Repair of Motor Vehicles
& Motorcycles
2.33.6
Transportation & Storage6.86.2
Accommodation & Food Service Activities-0.6-7.4
Information & Communication37
Professional, Scientific & Technical Activities6.43
Administrative & Support Service Activities1.4-1.3
Other Service Activities-3.7-9.5
All Services2.93.8
Table 2 Seasonally Adjusted Indices for Monthly Services for All Sectors - Provisional Results November 2023

Contributions to Seasonally Adjusted Monthly Services Value Index

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 labelMonth on MonthYear on Year
Wholesale & Retail Trade; Repair of Motor Vehicles
& Motorcycles
0.14710.47847
Transportation & Storage0.142520.55546
Accommodation & Food Service Activities-0.14499-0.02668
Information & Communication-3.971321.46976
Professional, Scientific & Technical Activities-0.152860.54355
Administrative & Support Service Activities0.069570.04988
Other Service Activities0.00194-0.16733

Value and Volume indices by detailed sectors

Tables 3 to 9 present seasonally adjusted value and volume for detailed sectors. 

Table 3 Seasonally Adjusted Indices for Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles

Table 4 Seasonally Adjusted Indices for Transportation & Storage

Table 5 Seasonally Adjusted Indices for Accommodation & Food Service Activities

Table 6 Seasonally Adjusted Indices for Information & Communication

Table 7 Seasonally Adjusted Indices for Professional, Scientific & Technical Activities

Table 8 Seasonally Adjusted Indices Administrative & Support Service Activities

Table 9 Seasonally Adjusted Indices for Other Service Activities

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