The value of services economy fell 1.4% month-on-month and increased 14.9% year-on-year in October.

Figures from the Central Statistics Office (CSO) show other services activities (+3.8%) and food services activities (+1%) recorded the largest monthly value increases.

The value of professional, scientific and technical activities was unchanged from September while administrative and support services (-5.6%), wholesale and retail trade (-3.2%), and information (-1.1%) also saw declines from the previous month.

On an annual basis, other services (+37%), accommodation and food services (+30.8%) and transportation and storage (+18.7%) saw large increases, albeit from low bases.

The remaining increases were in information and communication (+17.4%), wholesale and retail trade (+7.1%), administrative and support service activities (+6.5%), and professional, scientific and technical activities (+6.0%).

In Association with

The volume of services in October increased 0.2% monthly and 9.9% annually in October, with other services (+3.9%) and accommodation and food services (+3.8%) the biggest gainers.

Professional, scientific and technical activities saw a 0.8% bump, but administrative and support services (-8.2%), wholesale and retail (-3.9%), and information and communication (-2%) all witnessed volume declines

Annually, other services (+29.7%), accommodation and food (+21.5%), and information and communication (+14.7%) recorded the largest increases in volume, again from low bases.

However, wholesale and retail trade (-1.2%) and administrative and support service activities (-0.2%) were the only sectors to show a decrease. 

The value of services was 25.2% higher in October than it was in February 2020 prior to the Covid pandemic. Similarly, the volume of services increased 22.6% over the past 21 months.

AIB found on Monday that growth in the services sector slowed further in November despite extending the present growth sequence to 21 months.