The services sector continued to rise in both value and volume in August, beating pre-Covid figures, new data from the Central Statistics Office showed.
The value of services increased more than 22 per cent in the year to August, and compared to pre-Covid figures more than 28 per cent higher.
“All sectors showed an increase in activity compared with August 2021, with a number of sectors showing large annual increases,” said Tommy Allen, statistician in the business statistics division. Among those large increases were transportation and storage, which was up 46.6 per cent, but from a low base a year earlier.
Information and communication services were almost 23 per cent higher in value.
On a monthly basis, the value of services rose 2.2 per cent compared with July, driven by a rise in professional, scientific and technical activities, which rose 14 3 per cent, and a 3.5 per cent increase in the accommodation and food service activities.
Compared to pre-Covid times, there was an increase in information and communication services of 50.4 per cent, with professional, scientific and technical activities rising almost 24 per cent. Administrative and support service activities were down close to 9 per cent in value, while accommodation and food service activities were 2.4 per cent lower.
The volume of services was up 0.4 per cent month on month, with professional and scientific activities up almost 13 per cent, and accommodation and food service activities 2.2 per cent higher. The only sector that recorded a monthly decrease was administrative and support service activities, falling 0.3 per cent.
Year on year, the volume of services was 15.5 per cent higher, and more than 21 per cent up on pre-Covid times in February 2020, driven by IT services, professional activities and wholesale and retail trade.