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News : Irish Economy Last Updated: Mar 5, 2014 - 12:18 PM

Irish Economy 2014: Annual rise of 3.5% in official services index - more reliable than PMI survey
By Finfacts Team
Mar 5, 2014 - 12:15 PM

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Irish Economy 2014: The CSO reported today seasonally adjusted monthly services value index increased by 2.5% in January 2014 when compared with December 2013 and there was an annual increase of 3.5%. The PMI (purchasing managers' index) survey issued today, likely has more weighting for the big US services giants such as Microsoft and Google, which book big chunks of their global revenues in Ireland for tax purposes.

On a monthly basis, Professional, Scientific and Technical Activities (+14.2%), Transportation and Storage (+9.2%), Wholesale and Retail Trade (+6.4%) and Accommodation and Food Service Activities (+0.7%) showed increases when compared with December 2013.  Administrative and Support Service Activities (-5.1%), Other Service Activities (-4.9%) and Information and Communication (-4.4%) decreased when compared with December 2013.

On an annual basis, Administrative and Support Service Activities (+8.3%), Wholesale and Retail Trade (+4.5%), Transportation and Storage (+4.2%), Professional, Scientific and Technical Activities (+3.9%), Accommodation and Food Service Activities (+3.8%) and Information and Communication (+3.7%) increased when compared with January 2013. Other Service Activities decreased by 13.5% in the same period.

The CSO says the sample size is approximately 2,100 enterprises compared with the PMI survey panel of 450 -- response data isn't available. The sample comprises a census of all enterprises with an annual turnover value of more than €20m or enterprises with more than 100 persons engaged. The remainder of the target population is stratified using 2-digit Statistical Classification of Economic Activities in the European Community, i.e. NACE Rev. 2 classifications. Each of these 2-digit NACE sectors are further subdivided into strata based on turnover. A simple random sample is then drawn from each stratum. Retail and Motor Trade figures are taken from the separate Retail Sales Index sample of approximately 1,400 enterprises.

The response rates for the provisional results are typically 49% in terms of the enterprises surveyed which represents 70% of the value of total turnover. The corresponding figures for the final results are 59% and 88% respectively. These response rates are based on averages for the 6 month period ending March 2012.

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