Services show upward trend in Q3 2005

Data from the Statistical Servce Cystat on the turnover value of services show an upward trend in the third quarter of 2005, as the number of service categories which accelerated just oustripped those which slowed or declined.

The fastest rising category by value in the third quarter was “investigation and security activities”, which rose by 15.5% compared with the third quarter of 2005 (the data are not seasonally adjusted).

The professions also did well, with legal, accounting and consultancy-related activities rising by 11.8% year on year, while architecture and engineering rose by 11.1%.

Hotels and restaurants also had a strong year until September, with turnover value rising each quarter compared with the year-earlier period and reaching 6.5% year on year in the third quarter.

Given the fall in tourism arrivals thereafter, one has to assume that this did not continue into the fourth quarter.

On a negative note, the one category which fell compared with the same period of the previous quarter was advertising.

Advertising is normally a leading indicator, as it is the first thing which companies tend to cut when they feel a downturn coming on. This may suggest that growth will be a little slower this year than in 2005.

Fiona Mullen