In October 2023 the value of services increased by 1.4% when compared with September 2023.
The value of services output was 8.9% higher in October 2023 in comparison with October 2022.
The sector with the highest monthly value growth in October 2023 was Professional, Scientific & Technical Activities (+6.4%).
The volume of services in October 2023 decreased by 0.2% when compared with September 2023.
Services were 7.4% higher in volume terms in October 2023 in comparison with October 2022.
Professional, Scientific & Technical Activities (+5.9%) recorded the largest monthly volume increase.
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 | ||
| October 2022 | 156.0 | 135.0 | |
| September 2023 | 167.4 | 145.3 | |
| October 2023 | 169.9 | 145.0 | |
| % change | |||
| Monthly | 1.4% | -0.2% | |
| Annual | 8.9% | 7.4% | |
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 October 2023 compared with September 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 1.5 | 0.9 |
| Transportation & Storage | -5.6 | -5.4 |
| Accommodation & Food Service Activities | -2.3 | 0.4 |
| Information & Communication | 2.2 | -0.4 |
| Professional, Scientific & Technical Activities | 6.4 | 5.9 |
| Administrative & Support Service Activities | -2.2 | -8.6 |
| Other Service Activities | 3.7 | 3.3 |
| All Services | 1.4 | -0.2 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for October 2023 compared with October 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 3.7 | 3 |
| Transportation & Storage | 2.2 | -0.4 |
| Accommodation & Food Service Activities | 8 | 0.2 |
| Information & Communication | 13.8 | 11 |
| Professional, Scientific & Technical Activities | 7.8 | 5.8 |
| Administrative & Support Service Activities | 0 | -5.6 |
| Other Service Activities | 0.5 | -5.5 |
| All Services | 8.9 | 7.4 |
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 | 0.29715 | 0.76715 |
| Transportation & Storage | -0.4757 | 0.18846 |
| Accommodation & Food Service Activities | -0.10821 | 0.36357 |
| Information & Communication | 1.13575 | 6.85807 |
| Professional, Scientific & Technical Activities | 0.51847 | 0.66747 |
| Administrative & Support Service Activities | -0.07423 | 0.00088 |
| Other Service Activities | 0.14953 | 0.0227 |
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 (06 December 2023) released Monthly Services Index October 2023 (Provisional) and September 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The monthly value of services increased by 1.4% in October 2023 while the volume decreased by 0.2% when compared with September 2023.
Value Monthly Change
The value of services output in October 2023 rose by 1.4% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Professional, Scientific & Technical Activities (+6.4%), Other Service Activities (+3.7%), Information & Communication (+2.2%), and Wholesale & Retail Trade (+1.5%). The sectors which recorded a reduction in activity were Transportation & Storage (-5.6%), Accommodation & Food Service Activities (-2.3%), and Administrative & Support Service Activities (-2.2%).
Value Annual Change
On an annual basis, the value of services was 8.9% higher in October 2023 when compared with October 2022. The largest annual growth was in Information & Communication (+13.8%). Increases were also observed in Accommodation & Food Service Activities (+8.0%), Professional, Scientific & Technical Activities (+7.8%), Wholesale & Retail Trade (+3.7%), Transportation & Storage (+2.2%), and Other Service Activities (+0.5%). Administrative & Support Service Activities remained unchanged when compared with October 2022.
Volume Monthly Change
The volume of services output in October 2023 was 0.2% lower when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume increases were Professional, Scientific & Technical Activities (+5.9%), Other Service Activities (+3.3%), Wholesale & Retail Trade (+0.9%), and Accommodation & Food Service Activities (+0.4%). The sectors that showed a reduction in volume were Administrative & Support Service Activities (-8.6%), Transportation & Storage (-5.4%), and Information & Communication (-0.4%).
Volume Annual Change
On an annual basis, services were 7.4% higher in volume terms in October 2023 when compared with October 2022. The largest annual growth was in Information & Communication (+11.0%). Increases were also observed in Professional, Scientific & Technical Activities (+5.8%), Wholesale & Retail Trade (+3.0%), and Accommodation & Food Service Activities (+0.2%). The sectors which recorded decreases in activity were Administrative & Support Service Activities (-5.6%), Other Service Activities (-5.5%), and Transportation & Storage (-0.4%).”