In September 2024, the value of services fell by 1.1% when compared with August 2024.
The value of services output was 8.3% higher in September 2024 in comparison with September 2023.
The volume of services in September 2024 fell by 1.1% when compared with August 2024.
Services were 7.8% higher in volume terms in September 2024 when compared with September 2023.
The largest monthly decreases in both value and volume were recorded in Administrative & Support Service Activities, at 4.8% and 5.8% respectively.
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 | ||
| September 2023 | 166.8 | 146.2 | |
| August 2024 | 182.7 | 159.3 | |
| September 2024 | 180.7 | 157.6 | |
| % change | |||
| Monthly | -1.1% | -1.1% | |
| Annual | 8.3% | 7.8% | |
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 2024 compared with August 2024.
| Business Sectors | Monthly Seasonally Adjusted Value | Monthly Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 0.6 | -0.3 |
| Transportation & Storage | -1.3 | -2.3 |
| Accommodation & Food Service Activities | 2.7 | -0.2 |
| Information & Communication | -3.2 | -3.7 |
| Professional, Scientific & Technical Activities | 2.7 | 3.2 |
| Administrative & Support Service Activities | -4.8 | -5.8 |
| Other Service Activities | 9.4 | 8.1 |
| All Services | -1.1 | -1.1 |
Figure 2b shows the annual seasonally adjusted value and volume percentage changes for September 2024 compared with September 2023.
| Business Sectors | Annual Seasonally Adjusted Value | Annual Seasonally Adjusted Volume |
|---|---|---|
| Wholesale & Retail Trade; Repair of Motor Vehicles & Motorcycles | 8.3 | 8.4 |
| Transportation & Storage | 5.3 | 0.7 |
| Accommodation & Food Service Activities | 2.4 | -3.3 |
| Information & Communication | 7.4 | 6.9 |
| Professional, Scientific & Technical Activities | 15.3 | 13.9 |
| Administrative & Support Service Activities | 10.8 | 9.5 |
| Other Service Activities | 17.2 | 12.2 |
| All Services | 8.3 | 7.8 |
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 | 0.11533 | 1.63415 |
| Transportation & Storage | -0.10804 | 0.45063 |
| Accommodation & Food Service Activities | 0.11406 | 0.11273 |
| Information & Communication | -1.65062 | 3.82164 |
| Professional, Scientific & Technical Activities | 0.22152 | 1.21746 |
| Administrative & Support Service Activities | -0.17335 | 0.36748 |
| Other Service Activities | 0.37628 | 0.7037 |
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 (08 November 2024) released Monthly Services Index September 2024 (Provisional) and August 2024 (Final).
Commenting on the release, Tommy Allen, Statistician in the Enterprise Statistics Division said: "The monthly value of services was down 1.1% in September 2024, while the volume also fell by 1.1% when compared with August 2024.
Value Monthly Change
The value of services output in September 2024 was down by 1.1% when compared with the previous month on a seasonally adjusted basis. The sectors that recorded monthly decreases were Administrative & Support Service Activities (-4.8%), Information & Communication (-3.2%), and Transportation & Storage (-1.3%). Increases were observed in Other Service Activities (+9.4%), Accommodation & Food Service Activities (+2.7%), Professional, Scientific & Technical Activities (+2.7%), and Wholesale & Retail Trade (+0.6%).
Value Annual Change
On an annual basis, the value of services was 8.3% higher in September 2024 when compared with September 2023. The largest annual growth was recorded in Other Service Activities (+17.2%) and Professional, Scientific & Technical Activities (+15.3%). Increases were also observed in Administrative & Support Service Activities (+10.8%), Wholesale & Retail Trade (+8.3%), Information & Communication (+7.4%), Transportation & Storage (+5.3%), and Accommodation & Food Service Activities (+2.4%).
Volume Monthly Change
The volume of services output in September 2024 was 1.1% lower when compared with the previous month on a seasonally adjusted basis. The sectors with monthly volume decreases were Administrative & Support Service Activities (-5.8%), Information & Communication (-3.7%), Transportation & Storage (-2.3%), Wholesale & Retail Trade (-0.3%), and Accommodation & Food Service Activities (-0.2%). The sectors with monthly increases were Other Service Activities (+8.1%) and Professional, Scientific & Technical Activities (+3.2%).
Volume Annual Change
On an annual basis, services were 7.8% higher in volume terms in September 2024 when compared with September 2023. The largest annual increases were in Professional, Scientific & Technical Activities (+13.9%) and Other Service Activities (+12.2%). Growth was also observed in Administrative & Support Service Activities (+9.5%), Wholesale & Retail Trade (+8.4%), Information & Communication (+6.9%), and Transportation & Storage (+0.7%). A decline was observed in Accommodation & Food Service Activities (-3.3%)."