News Releases

Short-term Services Indicators: Q3/2024

NR 218/2024
Release Date: 20 November 2024
Cut-off Date: 11 November 2024

During the third quarter of 2024, seasonally adjusted services turnover decreased by 1.0 per cent over the second quarter of 2024. When compared to the same quarter of 2023, working-day adjusted turnover in selected service activities increased by 7.5 per cent.
Blurry image of movie shooting or video production and film crew team with camera equipment at outdoor location and light flare effect.

Quarterly comparison

After adjusting for seasonal effects and the working-day pattern, the total services turnover index decreased by 1.0 per cent between the second and third quarters of 2024.

Decreases were registered in the wholesale trade (8.3 per cent), motor trade (6.8 per cent) and retail trade (2.6 per cent). On the other hand, increases in turnover were recorded in the transportation and storage (11.2 per cent), accommodation and food service activities (4.0 per cent), administrative and support service activities (4.0 per cent), professional, scientific and technical activities (2.9 per cent), real estate activities (1.7 per cent) and information and communication (1.3 per cent) (Table 1).

Between the second quarter and the third quarter of 2024, the number of persons employed (Table 3) and the hours worked (Table 7) decreased by 0.1 per cent and 0.5 per cent, respectively, while the gross wages and salaries (Table 5) increased by 1.8 per cent.

Annual comparison

During the third quarter of 2024, the total services turnover index increased by 7.5 per cent on an annual basis after adjusting for the working-day pattern.

The highest increase was registered in the transportation and storage – predominantly air transport (33.6 per cent), followed by increases in the administrative and support service activities (25.6 per cent), professional, scientific and technical activities (14.4 per cent), information and communication (10.9 per cent), accommodation and food service activities (2.8 per cent) and retail trade (2.7 per cent). On the contrary, declines in turnover were recorded in the wholesale trade (13.7 per cent), motor trade (2.4 per cent) and real estate activities (1.6 per cent) (Table 2).

The indicators for the number of persons employed (Table 4), gross wages and salaries (Table 6) and hours worked (Table 8) increased by 0.7 per cent, 6.2 per cent and 1.6 per cent, respectively when compared to the same quarter of 2023.

Chart 1. Annual working-day adjusted turnover in services

(% change in comparison with the corresponding quarter in previous year)

No Data Found

Drag to view in full

Methodological Notes

1. The aim of this news release is to provide information on the business cycle within the services sector. The results are compiled and published according to the statistical classification of economic activities in the European Community, NACE Rev. 2.
 
2. Questionnaires are sent to approximately 900 business units categorised within the services sector. The data is then grossed up to represent the entire services population. For each NACE division (for example NACE Division 45 for motor trade), a sample was selected. Business units are asked to provide information on turnover, employment, hours worked, and wages and salaries. For NACE Section L (real estate activities), the contracts data from the Inland Revenue Department is also used. The indices were calculated for each division, showing the level of the specified variable (for example employment) relative to the average level throughout the base year 2021.
 
The index numbers in this release are working-day and seasonally adjusted. These statistical methods aid in the interpretation of data by removing regularly recurring variations from a time series. Working-day adjustment is a statistical method for removing the calendar effect from an economic time series. The calendar effect is the variation caused by the changing number of working days in different quarters. When there are no working-day or seasonal adjustments to be made, the index is published in its unadjusted form.
 
The number of working days for a given quarter may depend on the timing of certain public holidays, the possible overlap of certain public holidays and non-working days and the occurrence of a leap year. This method is used to make a comparison with the corresponding quarter of the previous year.
 
Seasonal adjustment removes variations which include effects due to quarter length, holidays and particular events such as Christmas. Statistically, seasonal adjustment takes place after a time series has already been cleared of calendar effects by way of working-day adjustment. This method is used to compare data for a specific quarter with the previous quarter. In seasonal and working-day adjustment, the direct approach is used, since adjustments are made directly to the individual indices.
 
3. In line with the Regulation on Short-term Business Statistics, services exclude Financial and insurance activities and Gambling and betting activities.
 
4. Definitions:
Turnover: includes total sales and other income and is expressed net of VAT. Turnover is presented in current prices.
Wages and Salaries: covers wages and salaries including bonuses, weekly allowances (cost of living allowances), overtime and national social security contributions by the employee. It does not include employers’ social security contributions.
Employment: covers all persons employed, regardless of whether they are part-time or full-time, and includes paid employees as well as working proprietors and unpaid family workers. Employment is not working-day adjusted since the number of employees does not depend on factors that make up the working-day effect.
Hours worked: covers total amount of hours actually worked, regular working hours and during overtime, nights, Sundays or public holidays. Hours worked but not paid are also considered.
 
5. The data contained in this news release should be considered as provisional and subject to revision. For an updated time series which includes past data, please refer to the Statistical Indicators for this domain.
 
6. Weighting Structure by activity/industry and variables (2021)
NACE Section / Division NACE label Turnover Employment Hours Worked Wages and Salaries
G Wholesale and retail; repair of motor vehicles and motorcycles 43.5 28.5 28.2 23.3
      G45       Motor trade 2.7 2.6 2.0 1.6
      G46       Wholesale trade 26.9 9.5 11.3 11.2
      G47       Retail trade 13.9 16.4 14.9 10.5
H Transportation and storage 14.6 10.5 10.5 12.1
I Accommodation and food service activities 4.0 15.1 13.7 10.1
J Information and communication 15.1 8.8 9.8 15.7
L Real estate activities 3.0 3.0 2.4 2.1
M Professional, scientific and technical activities 12.6 15.3 14.0 18.1
N Administrative and support service activities 7.2 18.8 21.4 18.6
Total 100.0 100.0 100.0 100.0

7. The calculation of the percentage changes from the indices table may slightly differ from the published percentage changes due to rounding.

8. More information relating to this news release may be accessed at:

Statistical Concepts
Metadata

9.  A detailed news release calendar is available online.

10. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.

11. For further assistance send your request through our online request form.

Short-term Services Indicators: Q3/2024  

NR 218/2024
Release Date: 20 November 2024
Cut-off Date: 11 November 2024

Blurry image of movie shooting or video production and film crew team with camera equipment at outdoor location and light flare effect.
  • When compared to Q3 2023, working-day adjusted turnover in selected service activities increased by 7.5 per cent.
  • The largest increase was recorded in the transportation and storage (33.6 per cent).
  • Employment, gross wages and salaries, and hours worked increased by 0.7 per cent, 6.2 per cent and 1.6 per cent, respectively.
  • When compared to the previous quarter, seasonally adjusted services turnover decreased by 1.0 per cent.

Short-term Services Indicators: Q3/2024

Inflation Calculator News releases calendar Request for Information NACE Code queries
Skip to content