24/6/2012: Irish Services: April 2012

For a shocker, folks - a positive set of news.

The experimental time series from the CSO on services sectors performance shows some relatively robust activity in the services sectors.

Here's the headline chart:

Now, to some figures:

• Overall index of activity (value) in Irish Services sectors stood at 101.0 in April 2012, down slightly on 101.2 in March 2012, but up 4.0% on same period last year. 
• This confirms a robust growth trend in the series.
• 3mo MA in April was at 101.2 against 100.9 in March and at the highest level reading since data series began in October 2010.
• Activity is now 1% ahead of 2009 average levels - sounds like not much, but when one considers that it was at 97.3 back in Q4 2010, there is some progress.
• Notice - these are value indices, so not free from price changes variations and inflation in services does increase index performance.

Sub-indices are shown below:

• 3moMA through April 2012 for Wholesale & Retail trade sub-sector stood at 107.7 down on 108.6 in 3mo through January 2012. The sub-index fell 1.4% m/m in April but was up 2.7% up y/y.
• 3moMA through April 2012 for Information & Communication sub-sector stood at 108.4 up on 105.0 in 3mo through January 2012. The sub-index fell 1.6% m/m in April but was up 9.1% up y/y.
• 3moMA through April 2012 for Business Services sub-sector stood at 97.2 down on 98.9 in 3mo through January 2012. The sub-index rose 0.7% m/m in April but was down -0.5% up y/y.
• 3moMA through April 2012 for Transport & Storage sub-sector stood at 105.0 up strongly on 96.7% in 3mo through January 2012. The sub-index rose 3.2% m/m in April and was up 14.4% up y/y.
• 3moMA through April 2012 for Accommodation & Food Services sub-sector stood at 86.9 down on 87.1% in 3mo through January 2012. The sub-index fell -0.1% m/m in April and was down -2.9% up y/y.
• 3moMA through April 2012 for Other Services sub-sector stood at 71.9 up on 69.1% in 3mo through January 2012. The sub-index rose 4.2% m/m in April but was down -0.5% up y/y.

Although a mixed bag overall, the index continues to show expansion in the sector accounting for a large share of our overall economic activity.