Turnover in service industries grew by 2.6 per cent and volume by 0.6 per cent in July 2023

Growth still continues in service industries

Among service industries, growth in July 2023 was strongest in real estate activities, where working day adjusted turnover rose by 7.8 per cent from July 2022. At the same time, the volume of the industry grew by 4.6 per cent. The working day adjusted turnover of accommodation and food service activities was 7.2 per cent bigger than in July 2022. By contrast, the growth in the volume of accommodation and food service activities amounted to just 0.9 per cent. Turnover in other service activities also grew favourably in July 2023. Working day adjusted turnover in the industry went up by 6.6 per cent from July one year back.

Among the main industries, working day adjusted turnover in information and communication activities increased by 5.4 per cent from July 2022, while the volume of the industry grew by 3.8 per cent over the same period. Professional, scientific and technical activities and administrative and support service activities grew at the same rate. The working day adjusted turnover of the industries rose by 5.3 per cent from July 2022. In July 2023, the volume of professional, scientific and technical activities rose by 3.2 per cent and that of administrative and support service activities by 0.8 per cent.

Among the main service industries, the development was weakest in transportation and storage, where working day adjusted turnover fell by 5.8 per cent from July 2022. At the same time, the volume of the industry decreased by 4.9 per cent. In addition to the weak development in the volume of transportation and storage, the slowdown in price increases in the industry in the second quarter of the current year is visible as a decline in turnover. Turnover adjusted for working days in arts, entertainment and recreation fell by 3.4 per cent in July 2023 from July last year.

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Turnover and output fell from the month before

Seasonally adjusted turnover in service industries fell by 0.4 per cent in July 2023 compared to June. Service output or volume, from which the impact of prices has been eliminated, fell correspondingly by 1.1 per cent. In June 2023, both turnover and volume fell by 0.4 per cent from May.

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