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Monthly Services Index November 2024 (Provisional) and October 2024 (Final)

Value of services up 1.8% and volume up 2.8% in November 2024

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

Key Findings

  • In November 2024, the value of services rose by 1.8% when compared with October 2024.

  • The value of services output was 16.7% higher in November 2024 in comparison with November 2023.

  • The volume of services was up by 2.8% in November 2024 when compared with October 2024.

  • Services were 17.6% higher in volume terms in November 2024 when compared with November 2023.

  • The largest monthly increases in both value and volume were recorded in Other Service Activities which grew by 12.6% and 11.5% respectively.

Statistician's Comment

The Central Statistics Office (CSO) has today (20 January 2025) published Monthly Services Index November 2024 (Provisional) and October 2024 (Final).

Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services rose by 1.8% in November 2024, while the volume was up by 2.8% when compared with October 2024.

Value Monthly Change

The value of services output in November 2024 rose by 1.8% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Other Service Activities (+12.6%), Wholesale & Retail Trade (+3.5%), Information & Communication (+1.6%), Accommodation & Food Service Activities (+1.3%), and Administrative & Support Service Activities (+1.0%). Decreases were observed in Transportation & Storage (-1.8%) and Professional, Scientific & Technical Activities (-1.4%).

Value Annual Change

On an annual basis, the value of services was 16.7% higher in November 2024 when compared with November 2023. The largest annual growth was recorded in Information & Communication (+24.4%) and Other Service Activities (+18.2%). Increases were also observed in Administrative & Support Service Activities (+15.8%), Accommodation & Food Service Activities (+11.1%), Wholesale & Retail Trade (+8.7%), Transportation & Storage (+7.9%), and Professional, Scientific & Technical Activities (+3.7%).  

Volume Monthly Change 

The volume of services output in November 2024 was up by 2.8% when compared with the previous month on a seasonally adjusted basis. The sectors with monthly increases were Other Service Activities (+11.5%), Wholesale & Retail Trade (+3.3%), Information & Communication (+2.9%), and Administrative & Support Service Activities (+2.0%). The sectors with monthly volume decreases were Accommodation & Food Service Activities (-2.4%), Transportation & Storage (-2.4%), and Professional, Scientific & Technical Activities (-1.3%).

Volume Annual Change

On an annual basis, services were 17.6% higher in volume terms in November 2024 when compared with November 2023. The largest annual increases were in Information & Communication (+24.5%) and Administrative & Support Service Activities (+15.0%). Growth was also observed in Other Service Activities (+12.9%), Wholesale & Retail Trade (+10.2%), Accommodation & Food Service Activities (+7.3%), Transportation & Storage (+3.1%), and Professional, Scientific & Technical Activities (+2.2%)."

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. 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
November 2023161.7 136.3
October 2024185.3 155.9
November 2024188.7 160.3
% change   
Monthly1.8% 2.8%
Annual 16.7% 17.6%

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 2022 – November 2024
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 2024 compared with October 2024.

Business SectorsMonthly Seasonally Adjusted ValueMonthly Seasonally Adjusted Volume
Wholesale & Retail Trade; Repair of Motor Vehicles
& Motorcycles
3.53.3
Transportation & Storage-1.8-2.4
Accommodation & Food Service Activities1.3-2.4
Information & Communication1.62.9
Professional, Scientific & Technical Activities-1.4-1.3
Administrative & Support Service Activities12
Other Service Activities12.611.5
All Services1.82.8

Figure 2b shows the annual seasonally adjusted value and volume percentage changes for November 2024 compared with November 2023.

Business SectorsAnnual Seasonally Adjusted ValueAnnual Seasonally Adjusted Volume
Wholesale & Retail Trade; Repair of Motor Vehicles
& Motorcycles
8.710.2
Transportation & Storage7.93.1
Accommodation & Food Service Activities11.17.3
Information & Communication24.424.5
Professional, Scientific & Technical Activities3.72.2
Administrative & Support Service Activities15.815
Other Service Activities18.212.9
All Services16.717.6
Table 2 Seasonally Adjusted Indices for Monthly Services for All Sectors - Provisional Results November 2024

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
0.677317881.8299
Transportation & Storage-0.1477838080.6839
Accommodation & Food Service Activities0.05541423150.5023
Information & Communication0.819080344211.9647
Professional, Scientific & Technical Activities-0.1120126510.3319
Administrative & Support Service Activities0.03720989480.562
Other Service Activities0.50659418940.7961

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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