Volume Index of Services increased by 5.0 per cent in the second quarter of 2023 to record 143.1 points compared to 136.3 points in the same quarter last year. This increase was driven by Wholesale & Retail Trade, Food & Beverages and Accommodation segment with a growth of  4.6 per cent, followed by Business Services and Finance segment (2.4%), Information & Communication and Transportation & Storage segment (7.2%), and Other Services segment (10.7%).

For quarter-on-quarter comparison, Volume Index of Services for this quarter fell -0.6 per cent to record 143.1 points compared to 143.9 points in the first quarter of 2023. This performance was influenced by the decrease in Business Services and Finance segment (-4.9%). However, Wholesale & Retail Trade, Food & Beverages and Accommodation segment, Information & Communication and Transportation & Storage segment, and Other Services segment all recorded increases by 0.5 per cent, 1.8 per cent and 0.4 per cent respectively.  

Meanwhile, the seasonally adjusted volume index for this sector grew 2.6 per cent to 139.4 points in the second quarter of 2023.