Service sales continue to decline in October 2023
Published: Monday, Jan 8th 2024, 08:50
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In October 2023, Swiss service companies again generated significantly lower turnover than in the same month of the previous year. Adjusted for working day effects, turnover in services fell by 11.9%, as reported by the Federal Statistical Office (FSO) on Monday.
The negative trend has thus continued. In September, the decline amounted to 11.2% and in August to 13.1%. In the two previous months, the figures were -9.6% and -10.0%.
According to the provisional results, wholesale continued to play a decisive role in the downward trend. Wholesale turnover fell by 15.9% in October compared to the same month last year, while the "transportation and storage" sector recorded a drop of 9.1%.
The "information and communication" sector also reported a slight decline of 3.5%. The "real estate and housing" sector (-6.0%) and the "provision of professional, scientific and technical services" sector (-3.3%) also recorded declining turnover figures.
Gastronomy and travel agencies more successful
Meanwhile, the gastronomy and travel sectors performed slightly better than in the same period last year. The "hospitality/accommodation and gastronomy" sector grew by 5.4% in October 2023.
The "Travel agencies, tour operators and provision of other reservation services" sector also achieved a significant increase of 12.3%. However, the associated "provision of other business services" sector declined slightly overall (-3.0%).
The FSO's service turnover statistics (DLU) are monthly economic statistics that describe the development of turnover in the service sector. It has been published since 2023.
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