Strong growth in the service industry

The improvement in sales has led to an increase in workers' incomes.

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.

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