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In September 2022 the value of services remained unchanged when compared with August 2022.
Administrative & Support Service Activities (+2.9%) and Other Service Activities (+2.3%) recorded the largest monthly value increases.
The value of services output was 17.2% higher in September 2022 compared with September 2021.
When compared with February 2020 (31 months earlier and pre-COVID-19), the value of services was 27.5% higher in September 2022.
The volume of services in September 2022 increased by 1.8% when compared with August 2022.
The sectors with the highest monthly volume increase in September 2022 were Administrative & Support Service Activities (+3.7%) and Other Service Activities (+2.6%).
Services were 15.4% higher in volume terms in September 2022 compared with September 2021.
The volume of services in September 2022 was 23.5% higher than February 2020 (31 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 | ||
| September 2021 | 137.8 | 123.1 | |
| August 2022 | 161.6 | 139.6 | |
| September 2022 | 161.6 | 142.1 | |
| % change | |||
| Monthly | 0.0% | 1.8% | |
| Annual | 17.2% | 15.4% | |
| February 2020 - September 2022 | 27.5% | 23.5% | |
| Business Sectors | Month on Month | Year on Year |
|---|---|---|
| Professional, Scientific & Technical Activities (M) | -0.06384 | 0.68796 |
| Administrative & Support Service Activities (N) | 0.09722 | 0.49114 |
| Accommodation & Food Service Activities (I) | 0.0901 | 1.36588 |
| Information & Communication (J) | 0.43946 | 9.14811 |
| Other Service Activities (NACE 68,92-92,95-96) | 0.09164 | 1.25958 |
| Transportation & Storage (H) | -0.10623 | 2.26164 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | -0.53879 | 2.03145 |
As of September 2022, most sectors had surpassed their pre-COVID-19 value level. Transportation & Storage had an annual value increase of 29.8% and was 4.1% higher than their pre-COVID-19 level in February 2020.
While Accommodation & Food Service Activities and Administrative & Support Service Activities had annual value increases of 36.7% and 13.7%, both remain below their February 2020 pre-COVID-19 level by -0.1% and -5.9%, respectively.
| Business Sectors | September 2021 - September 2022 | February 2020 - September 2022 |
|---|---|---|
| All Services | 17.2 | 27.5 |
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles (G) | 9.2 | 16.3 |
| Transportation & Storage (H) | 29.8 | 4.1 |
| Accommodation & Food Service Activities (I) | 36.7 | -0.1 |
| Information & Communication (J) | 18.6 | 51.7 |
| Professional, Scientific & Technical Activities (M) | 6.6 | 17.5 |
| Administrative & Support Service Activities (N) | 13.7 | -5.9 |
| Other Service Activities ( NACE 68,92-93,95-96) | 35.2 | 6.6 |
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Statistician's Comment
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services remained unchanged in September 2022, while the volume increased by 1.8% when compared with August 2022.
Value Monthly Change
Overall, there was no change in the value of services output in September 2022 when compared with August 2022 on a seasonally adjusted basis. The sectors that recorded monthly increases were Administrative & Support Service Activities (+2.9%), Other Service Activities (+2.3%), Accommodation & Food Service Activities (+2.1%), and Information & Communication (+0.9%). The sectors which recorded a decrease in activity were Wholesale & Retail Trade (-2.6%), Transportation & Storage (-1.2%), and Professional, Scientific & Technical Activities (-0.7%).
Value Annual Change
On an annual basis, the value of services was 17.2% higher in September 2022 compared with September 2021. All sectors showed an increase in activity compared with September 2021, with a number of sectors showing large annual increases. The largest annual increases were Accommodation & Food Service Activities (+36.6%), Other Service Activities (+35.2%), and Transportation & Storage (+29.8%). Caution should be exercised when interpreting these increases, as the comparison is with a very low base from a year ago. The remaining increases were in Information & Communication (+18.6%), Administrative & Support Service Activities (+13.6%), Wholesale & Retail Trade (+9.3%), and Professional, Scientific & Technical Activities (+6.6%).
Volume Monthly Change
The volume of services output in September 2022 increased by 1.8% when compared with August 2022 on a seasonally adjusted basis. The sectors with monthly volume increases were Administrative & Support Service Activities (+3.7%), Other Service Activities (+2.6%), and Information & Communication (+2.5%). Accommodation & Food Service Activities was the only sector to remain unchanged while Transportation & Storage (-6.4%), Wholesale & Retail Trade (-3.6%) and, Professional, Scientific & Technical Activities (-1.1%) showed a volume decrease.
Volume Annual Change
On an annual basis, services were 15.4% higher in volume terms in September 2022 compared with September 2021. Most sectors showed an increase in volume. The largest annual sector increases were in Other Service Activities (+27.3%), Accommodation & Food Service Activities (+27.0%), and Information & Communication (+20.6%). Wholesale & Retail Trade (-0.3%) was the only sector to show a decrease. However, caution should be exercised when interpreting these large increases, as the comparison is with a very low base from the previous year.
Change of Services in September 2022 compared with pre-COVID-19
The value of services in September 2022 was 27.5% higher than February 2020 (31 months earlier and pre-COVID-19). The sectors showing an increase in value since February 2020 were Information & Communication (+51.7%), Professional, Scientific & Technical Activities (+17.5%), Wholesale & Retail Trade (+16.3%), Other Service Activities (+6.6%), and Transportation & Storage (+4.1%). The sectors which recorded a decrease in activity were Administrative & Support Service Activities (-5.9%) and Accommodation & Food Service Activities (-0.1%).
The volume of services in September 2022 was 23.5% higher than in February 2020 (31 months earlier and pre-COVID-19), with a number of sectors showing an increase from February 2020 levels. These sectors were Information & Communication (+54.8%), Professional, Scientific & Technical Activities (+13.0%), and Wholesale & Retail Trade (+5.0%). The sectors which showed a decrease in activity since February 2020 were Administrative & Support Service Activities (-15.5%), Transportation & Storage (-15.0%), Accommodation & Food Service Activities (-11.5%), and Other Service Activities (-1.7%)."