Services output slows in October in line with weakening demand

The value of services produced by accommodation and food services businesses has increased more than 30 per cent in the year to the end of October, the CSO said. Photograph: Getty Images/iStockphotoThe value of services produced in the Republic declined in October compared with September, Central Statistics Office data published on Tuesday indicates.

The sector, which includes everything from hotels and hairdressers to IT firms and telecoms, has been rebounding strongly from the pandemic. However, there has been concern in recent months that the cost-of-living squeeze may weaken demand, dragging down spending on services. While the value of services produced within the economy in October was 22.6 per cent higher than pre-pandemic February 2020 and more than 14 per cent higher than October 2021, the CSO’s monthly services index slumped 1.4 per cent between September and October. The volume of services output, meanwhile, increase by a modest 0.2 per cent.

The subsectors with the biggest monthly decline were administrative and support services, a diverse category that includes recruitment and other industries that support business operations. The value of the subsector’s output declined 5.2 per cent while the volume of output declined 8.2 per cent month on month.

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