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In October 2024, the value of services rose by 1.8% when compared with September 2024.
The value of services output was 8.1% higher in October 2024 in comparison with October 2023.
The largest monthly value increase in October was recorded in Information & Communication (+3.6%).
The volume of services in October 2024 fell by 1.1% when compared with September 2024.
Services were 5.5% higher in volume terms in October 2024 when compared with October 2023.
Other Service Activities (-6.2%) recorded the largest monthly volume decrease in October 2024.
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 | ||
| October 2023 | 170.3 | 146.5 | |
| September 2024 | 180.9 | 156.3 | |
| October 2024 | 184.1 | 154.6 | |
| % change | |||
| Monthly | 1.8% | -1.1% | |
| Annual | 8.1% | 5.5% | |
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 2024 compared with September 2024.
| Business Sectors | Monthly Seasonally Adjusted Value | Monthly Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -0.3 | 0.8 |
| Transportation & Storage | 1.8 | 1.3 |
| Accommodation & Food Service Activities | -0.5 | 3.1 |
| Information & Communication | 3.6 | 1.2 |
| Professional, Scientific & Technical Activities | 0.7 | -0.1 |
| Administrative & Support Service Activities | 2.7 | 2.9 |
| Other Service Activities | -6.2 | -6.2 |
| All Services | 1.8 | -1.1 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for October 2024 compared with October 2023.
| Business Sectors | Annual Seasonally Adjusted Value | Annual Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 4 | 6.6 |
| Transportation & Storage | 12.9 | 7.7 |
| Accommodation & Food Service Activities | 5.6 | 1.6 |
| Information & Communication | 9.6 | 8.2 |
| Professional, Scientific & Technical Activities | 4.7 | 3.2 |
| Administrative & Support Service Activities | 15.7 | 14 |
| Other Service Activities | 2.9 | -1.5 |
| All Services | 8.1 | 5.5 |
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 | -0.05602 | 0.80926 |
| Transportation & Storage | 0.1467 | 1.0292 |
| Accommodation & Food Service Activities | -0.0229 | 0.2488 |
| Information & Communication | 1.82321 | 4.93 |
| Professional, Scientific & Technical Activities | 0.06241 | 0.40721 |
| Administrative & Support Service Activities | 0.09412 | 0.52054 |
| Other Service Activities | -0.2727 | 0.12372 |
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 (18 December 2024) published Monthly Services Index October 2024 (Provisional) and September 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services was up 1.8% in October 2024, while the volume fell by 1.1% when compared with September 2024.
Value Monthly Change
The value of services output in October 2024 was up by 1.8% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Information & Communication (+3.6%), Administrative & Support Service Activities (+2.7%), Transportation & Storage (+1.8%), and Professional, Scientific & Technical Activities (+0.7%). Decreases were observed in Other Service Activities (-6.2%), Accommodation & Food Service Activities (-0.5%), and Wholesale & Retail Trade (-0.3%).
Value Annual Change
On an annual basis, the value of services was 8.1% higher in October 2024 when compared with October 2023. The largest annual growth was recorded in Administrative & Support Service Activities (+15.7%) and Transportation & Storage (+12.9%). Increases were also observed in Information & Communication (+9.6%), Accommodation & Food Service Activities (+5.6%), Professional, Scientific & Technical Activities (+4.7%), Wholesale & Retail Trade (+4.0%), and Other Service Activities (+2.9%).
Volume Monthly Change
The volume of services output in October 2024 was 1.1% lower when compared with the previous month on a seasonally adjusted basis. The sectors with monthly decreases were Other Service Activities (-6.2%) and Professional, Scientific & Technical Activities (-0.1%). The sectors with monthly volume increases were Accommodation & Food Service Activities (+3.1%), Administrative & Support Service Activities (+2.9%), Transportation & Storage (+1.3%), Information & Communication (+1.2%), and Wholesale & Retail Trade (+0.8%).
Volume Annual Change
On an annual basis, services were 5.5% higher in volume terms in October 2024 when compared with October 2023. The largest annual increases were in Administrative & Support Service Activities (+14.0%) and Information & Communication (+8.2%). Growth was also observed in Transportation & Storage (+7.7%), Wholesale & Retail Trade (+6.6%), Professional, Scientific & Technical Activities (+3.2%), and Accommodation & Food Service Activities (+1.6%). A decline was observed in Other Service Activities (-1.5%)."