Eurozone service output stable in May, up 2.5% yearly

The production of services remained more or less stable in the eurozone (down -0.1%) and in the EU (+0.1%) in May 2024 compared to April, while increasing compared to May 2023 (+2.5% in the eurozone and 2.6% in the EU) according to estimates from Eurostat, the statistical service of the European Union.

In Cyprus in May there was a 3.6% annual increase compared to May 2023. Eurostat has not published updated data regarding monthly changes as they are considered confidential in some countries.

In May 2024, compared with April 2024, seasonally adjusted services production decreased by 0.1% in the eurozone and increased by 0.1% in the EU. In April 2024, services production had grown by 1.0% in both the euro area and the EU.

In May 2024, compared with May 2023, services production increased by 2.5% in the euro area and by 2.6% in the EU.

Compared with April 2024, services production in the eurozone decreased for transportation and storage by 1.2%, increased for accommodation and food services by 2.0%, increased for information and communication by 0.6%, decreased for real estate activities by 0.2%, decreased for professional, scientific, and technical activities by 0.1%, and decreased for administrative and support services by 0.2%.

In the EU during the same period, services production decreased for transportation and storage by 0.7%, increased for accommodation and food services by 1.9%, increased for information and communication by 0.4%, decreased for real estate activities by 0.2%, remained stable for professional, scientific, and technical activities, and decreased for administrative and support services by 0.1%.

Among member states for which data are available, the highest monthly increases were recorded in Romania (+17.7%), Luxembourg (+3.6%) and Malta (+2.5%). The largest decreases were observed in Slovakia (-1.9%), Denmark (-1.8%) and Slovenia (-1.6%).

On an annual basis of comparison, in May 2024, compared with May 2023, services production in the eurozone increased for transportation and storage by 0.2%, decreased for accommodation and food services by 1.5%, increased for information and communication by 7.8%, increased for real estate activities by 1.1%, increased for professional, scientific, and technical activities by 2.9%, and increased for administrative and support services by 1.5%.

In the EU during the same period, services production increased for transportation and storage by 0.1%, decreased for accommodation and food services by 1.1%, increased for information and communication by 7.7%, increased for real estate activities by 1.7%, increased for professional, scientific, and technical activities by 2.7%, and increased for administrative and support services by 1.3%.

Among member states for which data are available, the highest annual increases were recorded in Luxembourg (+16.6%), Malta (+16.5%) and Romania (+14.0%). The largest decreases were observed in Greece (-6.2%), Denmark (-3.2%) and Austria (-3.0%).