In September 2023 the value of services increased by 1.1% when compared with August 2023.
The value of services output was 4.0% higher in September 2023 in comparison with September 2022.
The sector with the highest monthly value growth in September 2023 was Information & Communication (+3.3%).
The volume of services in September 2023 increased by 1.8% when compared with August 2023.
Services were 2.7% higher in volume terms in September 2023 in comparison with September 2022.
Information & Communication (+2.5%) 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 negates the impact of price changes.
| Seasonally Adjusted Monthly Services Index | Base Year (2015=100) | ||
| Value Index | Volume Index | ||
| September 2022 | 160.2 | 142.6 | |
| August 2023 | 164.7 | 143.9 | |
| September 2023 | 166.5 | 146.5 | |
| % change | |||
| Monthly | 1.1% | 1.8% | |
| Annual | 4.0% | 2.7% | |
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 September 2023 compared with August 2023.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -2.1 | -1.9 |
| Transportation & Storage | 1.6 | -0.4 |
| Accommodation & Food Service Activities | 2.5 | 1.5 |
| Information & Communication | 3.3 | 2.5 |
| Professional, Scientific & Technical Activities | -4 | -4.2 |
| Administrative & Support Service Activities | -2.1 | -0.6 |
| Other Service Activities | -0.2 | -1.2 |
| All Services | 1.1 | 1.8 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for September 2023 compared with September 2022.
| Business Sectors | Seasonally Adjusted Value | Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | -3 | -3.3 |
| Transportation & Storage | 5.6 | 3 |
| Accommodation & Food Service Activities | 13.8 | 6.8 |
| Information & Communication | 9.1 | 8.3 |
| Professional, Scientific & Technical Activities | -7.8 | -8.9 |
| Administrative & Support Service Activities | -1.5 | -2.8 |
| Other Service Activities | -4 | -9.8 |
| All Services | 4 | 2.7 |
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 | -0.42187 | -0.63248 |
| Transportation & Storage | 0.13836 | 0.46832 |
| Accommodation & Food Service Activities | 0.11727 | 0.60233 |
| Information & Communication | 1.68645 | 4.46974 |
| Professional, Scientific & Technical Activities | -0.34185 | -0.71393 |
| Administrative & Support Service Activities | -0.07228 | -0.0516 |
| Other Service Activities | -0.00757 | -0.17094 |
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 November 2023) released Monthly Services Index September 2023 (Provisional) and August 2023 (Final).
Commenting on the release, Tommy Allen, Statistician in the Business Statistics Division, said: "The value of services increased by 1.1% in September 2023 while the volume increased by 1.8% when compared with August 2023.
Value Monthly Change
The value of services output in September increased by 1.1% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly increases were Information & Communication (+3.3%), Accommodation & Food Service Activities (+2.5%), and Transportation & Storage (+1.6%). The sectors which recorded a reduction in activity were Professional, Scientific & Technical Activities (-4.0%), Wholesale & Retail Trade (-2.1%), Administrative & Support Service Activities (-2.1%), and Other Service Activities (-0.2%).
Value Annual Change
On an annual basis, the value of services was 4.0% higher in September when compared with September 2022. The largest annual increase was in Accommodation & Food Service Activities (+13.8%). Increases were also observed in Information & Communication (+9.1%) and Transportation & Storage (+5.6%). The sectors which recorded decreases in activity were Professional, Scientific & Technical Activities (-7.8%), Other Service Activities (-4.0%), Wholesale & Retail Trade (-3.0%), and Administrative & Support Service Activities (-1.5%).
Volume Monthly Change
The volume of services output in September was 1.8% higher when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume increases were Information & Communication (+2.5%) and Accommodation & Food Service Activities (+1.5%). The sectors that showed a reduction in volume were Professional, Scientific & Technical Activities (-4.2%), Wholesale & Retail Trade (-1.9%), Other Service Activities (-1.2%), Administrative & Support Service Activities (-0.6%), and Transportation & Storage (-0.4%).
Volume Annual Change
On an annual basis, services were 2.7% higher in volume terms in September when compared with September 2022. The largest annual growth was in Information & Communication (+8.3%). Increases were also observed in Accommodation & Food Service Activities (+6.8%) and Transportation & Storage (+3.0%). The sectors which recorded decreases in activity were Other Service Activities (-9.8%), Professional, Scientific & Technical Activities (-8.9%), Wholesale & Retail Trade (-3.3%), and Administrative & Support Service Activities (-2.8%).”