Turnover in service industries grew by 0.7 per cent in February 2024

Growth in turnover subdued in service industries

Among the main service industries, development was most positive in real estate activities, where working day adjusted turnover grew by 3.7 per cent in February 2024 compared to one year ago. Over the same period, the volume of the industry grew by 1.6 per cent. The working day adjusted turnover of information and communication activities grew by 2.4 per cent in February this year, while the volume of the industry correspondingly rose by 1.3 per cent.

Working day adjusted turnover in administrative and support service activities grew by 1.8 per cent in February 2024. By contrast, the volume of the industry decreased most among service industries, by 5.9 per cent. Turnover in other service activities grew by 0.8 per cent over the same period.

In February 2024, working day adjusted turnover in professional, scientific and technical activities was 0.2 per cent higher than one year earlier. The volume of the industry, in turn, contracted by 1.3 per cent. The development of turnover in accommodation and food service activities was also subdued. In February 2024, working day adjusted turnover in the industry was 0.1 per cent higher than one year ago, while the volume of the industry went down by 0.4 per cent.

Working day adjusted turnover in transportation and storage fell further in February 2024, being 0.7 per cent lower than in the corresponding period of the previous year. By contrast, the volume of the industry reached a growth of 1.0 per cent compared to last year's February. Working day adjusted turnover in arts, entertainment and recreation contracted by 1.6 per cent over the same period.

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Turnover and output fell from the month before

Seasonally adjusted turnover in services fell by 0.8 per cent in February 2024 compared to January. Service output or volume, from which the impact of prices has been eliminated, fell by 0.5 per cent over the same period. In January 2024, turnover rose by 1.9 per cent and volume by 0.7 per cent from December.

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