According to the Monthly Services Index February 2023 (Provisional) January 2022 (Final) report from the Central Statistics Office (CSO), the value of services in accommodation and food services activities increased year on year in February of 2023.
Annual Data
The report, which was published on CSO.ie, states that the value of services in accommodation and food services activities increased by 31.9% year on year in February of this year, and that the volume of services in accommodation and food service activities increased by 21.2% year on year in the second month of this year.
Monthly Data
The report also states that the value of services in accommodation and food services activities decreased by 2.1% month on month in February of 2023, and that the volume of services in accommodation and food service activities decreased by 0.7% in February of 2023 compared to January of 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 1.5% in February 2023, while the volume increased by 0.2% when compared with January 2023."
Allen continued, "The value of services output in February 2023 increased by 1.5% when compared with January 2023 on a seasonally adjusted basis. The sectors that recorded monthly increases were information & communication (+3.9%), accommodation & food service activities (+2.1%), and wholesale & retail trade (+0.7%). The sectors which recorded a decrease in activity were transportation & storage (-4.3%), professional, scientific & technical activities (-2.4%), administrative & support service activities (-1.3%), and other service activities (-0.3%)."
Allen was quoted as saying, "On an annual basis, the value of services was 13.2% higher in February 2023 compared with February 2022. Most sectors showed an increase in activity compared with February 2022, with significant growth recorded in some sectors. The largest annual increases were other service activities (+43.9%) and accommodation & food service activities (+31.9%). Caution should be exercised when interpreting these large increases, as the comparison is with a low base from a year ago. The remaining increases were in information & communication (+14.0%), wholesale & retail trade (+13.3%), transportation & storage (+8.1%), and administrative & support service activities (+5.3%). The only sector to fall over the 12 months to February 2023 was professional, scientific & technical activities (-3.6%)."
Allen was also quoted as saying, "The volume of services output in February 2023 rose by 0.2% when compared with January 2023 on a seasonally adjusted basis. The sectors with monthly volume increases were information & communication (+6.1%), wholesale & retail trade (+0.9%), and accommodation & food service activities (+0.7%). Administrative & support service activities (0.0%) was unchanged, while the three sectors that showed a volume decrease were transportation & storage (-2.7%), professional, scientific & technical activities (-2.1%), and other service activities (-0.7%)."
Allen added, "On an annual basis, services were 10.0% higher in volume terms in February 2023 compared with February 2022. Most sectors showed an increase in volume. The largest annual growth was in other service activities (+34.3%), accommodation & food service activities (+21.2%), and information & communication (+13.8%). However, caution should be exercised when interpreting the largest of these increases, as the comparison is with a low base from the previous year. Professional, scientific & technical activities (-4.1%) was the only sector to decline over the period."
Read More: Value Of Services In Accommodation & Food Services Activities Increased Year On Year In January
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