In October 2022 the value of services decreased by 1.4% when compared with September 2022.
Other Service Activities (+3.8%) and Accommodation & Food Service Activities (+1.0%) recorded the largest monthly value increases.
The value of services output was 14.9% higher in October 2022 compared with October 2021.
When compared with February 2020 (32 months earlier and pre-COVID-19), the value of services was 25.2% higher in October 2022.
The volume of services in October 2022 increased by 0.2% when compared with September 2022.
The sectors with the highest monthly volume increases in October 2022 were Other Service Activities (+3.9%) and Accommodation & Food Service Activities (+3.8%).
Services were 9.9% higher in volume terms in October 2022 compared with October 2021.
The volume of services in October 2022 was 22.6% higher than February 2020 (32 months earlier and pre-COVID-19).
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 | ||
| October 2021 | 138.2 | 128.5 | |
| September 2022 | 161.1 | 140.9 | |
| October 2022 | 158.8 | 141.2 | |
| % change | |||
| Monthly | -1.4% | 0.2% | |
| Annual | 14.9% | 9.9% | |
| February 2020 - October 2022 | 25.2% | 22.6% | |
| Business Sectors | Month on Month | Year on Year |
|---|---|---|
| Professional, Scientific & Technical Activities (M) | -0.0004 | 0.61603 |
| Administrative & Support Service Activities (N) | -0.19504 | 0.236 |
| Accommodation & Food Service Activities (I) | 0.04459 | 1.20114 |
| Information & Communication (J) | -0.55675 | 8.46034 |
| Other Service Activities (NACE 68,92-92,95-96) | 0.15551 | 1.35216 |
| Transportation & Storage (H) | -0.19378 | 1.51493 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | -0.66454 | 1.5421 |
As of October 2022, most sectors had surpassed their pre-COVID-19 value level. Information & Communication was 49.1% higher than its pre-COVID-19 level in February 2020.
However, Administrative & Support Service Activities (-11.7%) still remains significantly below its February 2020 pre-COVID-19 level.
| Business Sectors | October 2021 - October 2022 | February 2020 - October 2022 |
|---|---|---|
| All Services | 14.9 | 25.2 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 7.1 | 13.8 |
| Transportation & Storage (H) | 18.7 | 1.5 |
| Accommodation & Food Service Activities (I) | 30.8 | -0.3 |
| Information & Communication (J) | 17.4 | 49.1 |
| Professional, Scientific & Technical Activities (M) | 6 | 15.4 |
| Administrative & Support Service Activities (N) | 6.5 | -11.7 |
| Other Service Activities ( NACE 68,92-93,95-96) | 37 | 10.5 |
Statistician's Comment
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services decreased by 1.4% in October 2022, while the volume increased by 0.2% when compared with September 2022.
Value Monthly Change
The value of services output in October 2022 decreased by 1.4% when compared with September 2022 on a seasonally adjusted basis. The sectors that recorded monthly increases were Other Service Activities (+3.8%) and Accommodation & Food Service Activities (+1.0%), while Professional, Scientific & Technical Activities remained unchanged. The sectors which recorded a decrease in activity were Administrative & Support Service Activities (-5.6%), Wholesale & Retail Trade (-3.2%), Transportation & Storage (-2.3%), and Information & Communication (-1.1%).
Value Annual Change
On an annual basis, the value of services was 14.9% higher in October 2022 compared with October 2021. All sectors showed an increase in activity compared with October 2021, with a number of sectors showing large annual increases. The largest annual increases were Other Service Activities (+37.0%), Accommodation & Food Service Activities (+30.8%), and Transportation & Storage (+18.7%). 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 Information & Communication (+17.4%), Wholesale & Retail Trade (+7.1%), Administrative & Support Service Activities (+6.5%), and Professional, Scientific & Technical Activities (+6.0%).
Volume Monthly Change
The volume of services output in October 2022 increased by 0.2% when compared with September 2022 on a seasonally adjusted basis. The sectors with monthly volume increases were Other Service Activities (+3.9%), Accommodation & Food Service Activities (+3.8%), and Professional, Scientific & Technical Activities (+0.8%). Administrative & Support Service Activities (-8.2%), Wholesale & Retail Trade (-3.9%), Information & Communication (-2.0%), and Transportation & Storage (-1.9%) showed a volume decrease.
Volume Annual Change
On an annual basis, services were 9.9% higher in volume terms in October 2022 compared with October 2021. Most sectors showed an increase in volume. The largest annual increases were in Other Service Activities (+29.7%), Accommodation & Food Service Activities (+21.5%), and Information & Communication (+14.8%). However, caution should be exercised when interpreting these large increases, as the comparison is with a low base from the previous year. Wholesale & Retail Trade (-1.2%) and Administrative & Support Service Activities (-0.2%) were the only sectors to show a decrease.
Change of Services in October 2022 compared with pre-COVID-19
The value of services in October 2022 was 25.2% higher than February 2020 (32 months earlier and pre-COVID-19). The sectors showing an increase in value since February 2020 were Information & Communication (+49.1%), Professional, Scientific & Technical Activities (+15.4%), Wholesale & Retail Trade (+13.8%), and Other Service Activities (+10.5%).
The volume of services in October 2022 was 22.6% higher than in February 2020 (32 months earlier and pre-COVID-19), with a number of sectors showing an increase from February 2020 levels. The largest increases were in Information & Communication (+50.2%) and Professional, Scientific & Technical Activities (+12.1%).