Euro area services production up in July ’24

Services production in the euro area rose by 1.0 per cent in July 2024, compared to June, while the European Union (EU) saw a 1.2 per cent increase, according to Eurostat’s initial estimates.

This follows a decline in June when services production fell by 0.8 per cent in the euro area and 0.9 per cent in the EU. Year-on-year, service production grew by 2.6 per cent in both regions.

Key sectoral gains in the euro area included professional, scientific, and technical activities, which increased by 2.0 per cent, and administrative and support services, up by 1.9 per cent.

Transport and storage services also saw a rise of 1.5 per cent. In the EU, transport and storage services led the increase with a 2.3 per cent gain, while professional, scientific, and technical activities grew by 2.2 per cent.

Compared to July 2023, service production grew by 5.1 per cent in the euro area’s information and communication sector and by 3.0 per cent in transport and storage. The EU showed similar trends, with a 5.0 per cent increase in information and communication services and a 2.9 per cent rise in transport and storage.

Attribution: Eurostat

Subediting: M. S. Salama