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Services sector retreats 0.6% in October, after hitting a historical record in September

Section: Economic Statistics | Vinícius Britto

December 13, 2022 09h00 AM | Last Updated: December 13, 2022 03h22 PM

#PraCegoVer A foto mostra um salão de aeroporto visto de cima, com pessoas carregando malas e guichês de companhias aéreas.
Increase in airfares leads to a 10.1% drop in the air transportation sector - Photo: Licia Rubinstein/IBGE News Agency

The volume of services dropped 0.6% from September to October, interrupting a sequence of five consecutive positive results, when it accumulated a gain of 4.5%. As a result, the sector is 10.5% above the pre-pandemic level and 0.6% below the highest level of the time series started in 2011, reached in September 2022. In comparison with October 2021, the volume of services presented the twentieth consecutive positive rate, increasing 9.5%. The cumulative index from January to October reached 8.7% and in 12 months, 9.0%.

The data are from the Monthly Services Survey (PMS), released today (13), by the IBGE.

“Something that contributed to the October result was the high basis for comparison after the services sector reached the highest value in the time series last month. The higher level is mainly due to the provision of services aimed at companies, in which we observe companies that provide information technology services standing out”, evaluates survey manager Rodrigo Lobo.

The negative result was widespread, since three of the five activities investigated also decreased, especially transportation (-1.8%), which exerted the greatest influence on the October result.

“We observed a spread of negative rates in the transportation sector, either in an analysis by modes, with a drop in land, waterway and air, and the storage part, support services for transportation and mailing; or in an analysis between the types of use, with declines in both passenger and cargo transportation. The 10.1% drop in air transportation was due to the 27.38% increase in airfares observed in October”, analyzes Mr. Lobo.

The category of services rendered to families also presented a drop, with a result of -1.5% in comparison with September. “This is a sector that had been showing a greater sequence of positive rates in the post-pandemic period, but as the drop was very sharp in the period between March and April 2020, the greater frequency of positive rates was still not enough to overcome the pre-pandemic level, so that the sector is still 6.0% below February 2020”, highlights the manager.

The sector of professional, administrative and complementary services fell by 0.8% compared to September. “These losses came from technical-professional services, which fell by 3.7%, with a highlight to legal activities, business consulting management and engineering services. These three segments help to explain the fall of the sector in the month of October”, comments the analyst.

On the other hand, information and communication (0.7%) and other services (2.6%) made the positive contributions in the month, with the first sector accumulating a gain of 4.7% between July and October.

“The positive results were mainly influenced by the information technology segment, which remains dynamic. The dynamism began in May 2020 and continues until the present moment with a great predominance of positive rates in this period, which was no different in October”, clarifies Mr. Lobo.

Compared to October 2021, the volume of services increased by 9.5%

In October 2022, the volume of services increased by 9.5% compared to October 2021, the twentieth consecutive positive rate. There was expansion in all five activities and growth in 67.5% of the 166 types of services investigated.

Among the sectors, transportation, support services for transportation and mailing (12.0%) brought the main positive contribution to the total volume of services. The other advances came from information and communication (8.3%); of professional, administrative and complementary services (8.3%); services rendered to families (10.7%) and other services (6.5%).

Tourism activities index drops 2.8% in October

The index of tourism activities fell by 2.8% compared to September, thus eliminating a good part of the gain verified in the July-September period (3.0%). As a result, the tourism segment is 2.5% below the February 2020 level (pre-pandemic) and 9.6% below the highest point in the series, reached in February 2014.

Eight of the 12 locations surveyed followed the fall seen in national tourism activity (-2.8%). The most relevant negative influence came from São Paulo (-3.6%), followed by Rio de Janeiro (-3.4%), Federal District (-7.8%), Rio Grande do Sul (-3.6%) and Paraná (-3.2%). Minas Gerais (1.4%) registered the main regional advance.

More about the survey

The PMS produces indicators that make it possible to monitor the short-term behavior of the services sector in the country, investigating the gross revenue from services in formally constituted companies, with 20 or more employed persons, whose main activity is a non-financial service, excluding the areas of health and education. There are results for Brazil and all Federation Units. The results can be consulted on Sidra.

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