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Monthly Survey of Services

Services sector drops 3.1% in January, after reaching historical record in December 2022

Section: Economic Statistics | Vinícius Britto

April 14, 2023 09h00 AM | Last Updated: April 14, 2023 02h38 PM

Biggest negative influence on the month´s result came from the transportation sector (-3.7%) - Picture: Rodrigo Felix Leal/SEIL-PR

Volume of services dropped 3.1% in January 2023 over December 2022, when it hit the peak in the time series. Volume of services advanced 6.1% over January 2022, the 23rd positive rate in a row.

These are data from the Monthly Survey of Services (PMS), released today (14) by the IBGE. This is the first release of the new time series of the survey, which updated the sample of enterprises and adjusted weights of products and activities, as well as included methodological changes to portray economic changes in the society. They are updatings already scheduled and periodically implemented by the IBGE.

The manager of the PMS, Rodrigo Lobo, explains that the drop registered in January offsets the cumulative gain of 3.0% reported in the months of November and December 2022, though he highlights that the comparison basis is at a high level. “The services sector remains close to the peak of the time series, reached last month, which puts it at a level 10.3% above the pre-pandemic level,” analyzes him.

 

Having dropped 3.7%, the transportation sector was the major negative influence on the month

The biggest negative influence on the month came from the transportation, support services for transportation and mailing sector, which fell 3.7% in January. “The drop in the sector is explained by storage, which retreated 9.0%, negatively highlighted by management of ports and terminals, as well as by air transportation of passengers, which declined 5.9% this month,” highlights Lobo.

Having registered -9.9% in January 2023 compared with December 2022, when it had risen 9.4%, other services stood out negatively as well. Nevertheless, the analyst clarifies that the retraction movement is due to unusual revenues received in the previous month by enterprises in the segment of auxiliary financial services.

“Performance bonuses are usually paid in December. As a result, we have a high comparison basis, causing a drop in January, when that additional revenue is not in the income of enterprises of that segment anymore,” comments him.

On the other hand, information and communication services and services rendered to families rose 1.0% this month. The former sector recovered part of the drop (-2.5%) reported in the last two months of 2022 and highlighted the rise registered in telecommunications (8.1%) and in IT services (3.6%). Services rendered to families recorded the second consecutive positive figure, accumulating a gain of 3.5%.

Transportation of passengers (-2.4%) and of cargo (-2.1%) retracted

After advancing 11.5% in the last two months of 2022, volume of passenger transportation in Brazil decreased 2.4% in January 2023 over the immediately previous month in the seasonally-adjusted series. This way, the segment is 3.0% above the level of February 2020 (pre-pandemic), and 20.0% below that of February 2014 (peak of the time series).

On its turn, volume of cargo transportation fell 2.1% in January 2023, offsetting the gain of 2.1% registered in the November-December period last year. This segment is now 3.6% below the peak of the series, reached in August 2022.  In comparison with the pre-pandemic level, cargo transportation is 28.6% above that of February 2020.

Services retreat in 16 of 27 Federation Units in January

In regional terms, most (16) of the 27 Federation Units recorded a retraction in volume of services in January 2023 compared with December, following the retreat registered for Brazil (-3.1%).

The most important impact came from São Paulo (-2.6%), followed by Rio de Janeiro (-5.5%), Minas Gerais (-2.6%) and the Federal District (-7.2%). In contrast, Paraná (3.0%) exerted the major positive contribution this month, followed by Bahia (2.4%), Espírito Santo (3.9%) and Piauí (13.3%).

Services grow 6.1% in relation to January 2022

Compared with January 2022, the advance of volume of services in Brazil (6.1%) was followed by 25 out of 27 Federation Units.  The major positive contribution came from São Paulo (4.3%), followed by Rio de Janeiro (8.2%), Minas Gerais (10.9%), Paraná (12.1%) and Rio Grande do Sul (11.5%). On the other hand, Mato Grosso do Sul (-6.4%) and Acre (-2.0%) reported the only negative figures this month.

Tourism activities change 0.5% in January

In January 2023, the index of tourism activities expanded 0.5% against the immediately previous month, the second positive rate in a row, a period with a cumulative gain of 5.3%. As a result, the tourism segment is 2.5% above the level of February 2020 and 4.6% below the peak of the time series, reached in February 2014.

In the January 2023/January 2022 comparison, volume of tourism activities in Brazil increased 12.9%, the 22nd positive rate in a row, mainly due to the increase of revenue of companies in the segments of car rental, restaurants, hotels, mass road transportation, travel agencies, catering services and theater and performances.

Eleven out of 12 Federation Units where the indicator is investigated registered an advance in tourism services, highlighted by São Paulo (16.4%), followed by Minas Gerais (24.7%), Rio de Janeiro (7.3%), Rio Grande do Sul (16.6%) and Bahia (14.5%). On the other hand, the Federal District (-2.5%) recorded the only negative result.

More about the survey

The PMS produces indicators to monitor the short-term behavior of the services sector in Brazil. The survey investigates the gross revenue from services in formal enterprises that employ 20 or more persons, in which the main activity is a non-financial service, excluding the areas of health and education. It produces results for Brazil and all the Federation Units. Results are available at Sidra.



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