Services output continues to grow despite price squeeze

The value of services produced in the Republic rose by 0.5 per cent in July, according to the Central Statistics Office (CSO).

The sector, which includes everything from hotels and hairdressers to IT firms and telecoms, has been rebounding strongly from the pandemic. However, there is concern the cost-of-living squeeze will trigger a fall-off in spending on services.

The latest CSO numbers show transportation and storage (+4.2 per cent) and accommodation and food service activities (+1.9 per cent) recorded the largest monthly value increases.

The agency said the value of services output was 21.4 per cent higher in July 2022 compared with July 2021.

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When compared with February 2020, the last month before the Government implemented pandemic restrictions, the value of services was 24.1 per cent higher in July 2022. The volume of services in July rose by 0.9 per cent when compared with June 2022.