In the first quarter of 2024 firms operating in the service industry saw sales improve by 7% over a year earlier. This was a growth rate almost double that observed in the previous quarter.

The sector that increased sales the most was transport, with an increase of 11%, followed by a 10% increase in administrative services and a 9% rise in professional services over the first quarter of 2023. Conversely, real estate turnover fell by around 9%.

The improvement in sales has led to an increase in workers’ incomes, so much so that wages paid were 7% higher than in the same quarter of 2023. In several sectors revenues increased even by more than 10%. This came in addition to an increase in the pay rate, an increase in the number of working hours. For example, in professional services there was a 9% increase in the number of working hours requested employers.

Employment in the services sector increased by 3%, mainly in professional services and retail.