Ten of 19 services sub-sectors post double-digit growth in July: NSO | Economy & Policy News

Ten of the 19 services sub-sectors recorded double-digit growth in July, up from eight in June, while 17 sub-sectors expanded, down from 18 in the preceding month, as repair services joined air transport in contraction, according to the fourth print of the trial Index of Services Production (ISP), released by the National Statistics Office (NSO) on Tuesday.

Eleven sub-sectors had a higher year-on-year growth rate in July than they did in June. Administrative and support services was the fastest-growing segment. Growth there accelerated to 20.9 per cent from 14.4 per cent in June.

Real estate, which led in June, slowed to 14.4 per cent from 24.7 per cent. Retail trade (18.5 per cent), accommodation and food (12.6 per cent), and banking (12.3 per cent) completed the top five.

Three sectors crossed into double digits during the month: information and broadcasting grew 10 per cent, up from 4.6 per cent in June; telecommunications rose to 11 per cent from 9.5 per cent; and professional, scientific and technical services, including R&D, grew 10.4 per cent, up from 9.1 per cent.

Warehousing and support activities for transportation dropped out of the double-digit group, slowing to 9.8 per cent from 11.8 per cent.

Transport segments other than aviation picked up. Railway transport growth more than doubled to 7.5 per cent from 3.3 per cent. Postal and courier services quickened to 8.7 per cent from 5 per cent, and water transport rose to 7.7 per cent from 6.9 per cent. Accommodation and food rose to 12.6 per cent from 10.2 per cent, and banking edged up to 12.3 per cent from 11.4 per cent.

Administrative and support services saw the biggest pickup in growth, accelerating by 6.5 percentage points to 20.9 per cent in July from 14.4 per cent in June. On the other hand, the sharpest deceleration came in repair services, where growth fell 12.5 percentage points as it swung to a 5 per cent contraction from 7.5 per cent growth in June.

Air transport contracted for a fourth consecutive month, and the decline widened to 8.4 per cent from 6 per cent in June.

In index terms, accommodation and food stood highest at 144, followed by retail trade at 140 and administrative and support services at 134.5. Air transport was lowest at 87.8, followed by railway transport at 106.1 and arts, entertainment and recreation at 107.