According to the Monthly Services Index March 2023 (Provisional) February 2023 (Final) report from the Central Statistics Office (CSO), the value of services in accommodation & food services activities increased, year on year, in March 2023.
Annual Data
The report, which was published on CSO.ie, states that the value of services in accommodation & food services activities increased by 31.2%, year on year, in March of this year, and that the volume of services in accommodation & food service activities increased by 18.2%, year on year, in the second month of this year.
Monthly Data
The report also states that the value of services in accommodation & food services activities increased by 0.7%, month on month, in March 2023, and that the volume of services in accommodation & food service activities decreased by 1.6% in March 2023, compared to February 2023.
Statements By Statistician
The report published on CSO.ie quoted business statistics division statistician Tommy Allen as saying, “The value of services increased by 0.1% in March 2023, and the volume increased by 3.2%, when compared with February 2023.”
Allen continued, “The value of services output in March 2023 increased by 0.1%, when compared with February 2023 on a seasonally adjusted basis. The sectors that recorded monthly increases were other service activities – +2.3% – information & communication – +1.2% – transportation & storage – +0.8% – professional, scientific & technical activities – +0.8% – and accommodation & food service activities – +0.7%. The sectors which recorded a decrease in activity were wholesale & retail trade – -3.5% – and administrative & support service activities – -0.3%.”
Allen was quoted as saying, “On an annual basis, the value of services was 1.8% higher in March 2023, compared with March 2022. Most sectors showed an increase in activity, compared with March 2022, with significant growth recorded in some sectors. The largest annual increases were in other service activities – +34.2% – and accommodation & food service activities – +31.2%. Caution should be exercised when interpreting these large increases, as the comparison is with a low base from a year ago. Positive changes were also observed in transportation & storage – +7.7% – wholesale & retail trade – +6.0% – and administrative & support service activities – +3.1%. The sectors showing a fall over the 12 months to March 2023 were information & communication – -4.2% – and professional, scientific & technical activities – -3.0%.”
Allen was also quoted as saying, “The volume of services output in March 2023 rose by 3.2%, when compared with February 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were other service activities – +2.2% – transportation & storage – +1.3% – professional, scientific & technical activities – +1.3% – administrative & support service activities – +1.0% – and information & communication – +0.7%. The two sectors that showed a volume decrease were wholesale & retail trade – -3.2% – and accommodation & food service activities – -1.6%.”
Allen was quoted as adding, “On an annual basis, services were 3.7% higher in volume terms in March 2023, when compared with March 2022. Most sectors showed an increase in volume. The largest annual growth was in other service activities – +24.8% – and accommodation & food service activities – +18.2% – however, caution should be exercised when interpreting these large increases, as the comparison is with a low base from the previous year. Professional, scientific & technical activities – -3.6% – and information & communication – -1.5% – were the only sectors to decline over the period.”
Read More: Value Of Services In Accommodation & Food Services Activities Increased Year On Year In February
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