According to Eurostat data published on March 2, 2024, Greece recorded the highest monthly increase in services output in the Eurozone for February 2024.
Greece was first in the production of services in the Eurozone on an annual basis (+15.1%) and in the first four positions in terms of monthly growth (+2.3%).
Overall, annual growth in the Eurozone was 4.9% and 4.8% in the EU, compared to February 2023.
In addition, in February 2024, compared with January 2024, seasonally adjusted output of services increased by 1% in the Eurozone and by 1.1% in the EU, according to the first estimates of Eurostat. In January 2024, services output increased by 0.8% in the Eurozone and by 0.3% in the EU.
Annual comparison by service sector and by Member State
In the Eurozone in February 2024, compared to February 2023, the production of services:
- increased for transport and storage by 3.5%,
- increased for housing and catering services by 3.8%,
- increased for information and communication services by 8.4%,
- increased for real estate activities by 1.9%,
- increased for professional, scientific and technical activities by 4.9%,
- increased for administrative and support services by 3.5%.
In the EU, the production of services:
- increased for transport and storage by 3.8%,
- increased for housing and catering services by 3.8%,
- increased for information and communication services by 8.4%,
- increased for real estate activities by 2.2%,
- increased for professional, scientific and technical activities by 5.1%,
- increased for administrative and support services by 3.4%.
Among the Member States for which data are available, the highest annual increases were recorded in Greece (+15.1%), Denmark (+14.6%) and Lithuania (+12.8%). The largest decreases were observed in Slovakia (-3.4%), the Czech Republic (-3.1%) and Romania (-2.4%).
Monthly comparison by service sector and by Member State
In the Eurozone in February 2024 compared to January 2024, the production of services:
- increased for transport and storage by 0.6%,
- increased for housing and catering services by 1.7%,
- increased for information and communication services by 1.5%,
- increased for real estate activities by 0.1%,
- increased for professional, scientific and technical activities by 0.5%,
- increased for administrative and support services by 0.3%.
In the EU, the production of services:
- increased for transport and storage by 0.8%,
- increased for housing and catering services by 1.8%,
- increased for information and communication services by 1.5%,
- decreased for real estate activities by 0.5%,
- increased for professional, scientific and technical activities by 0.9%,
- increased for administrative and support services by 0.4%.
According to newsit, among the member states for which data is available, the highest monthly increases were recorded in Belgium and Hungary (both +2.9%), Poland (+2.5%) and Greece and Malta (both +2.3%). The largest decreases were observed in Slovenia (-1.9%), Lithuania (-1.7%) and Romania (-1.6%).
How did the individual sectors move in Greece?
As for Greece, in February compared to January 2024, a 24.4% “plunge” was recorded in real estate, while activity increased in all other sectors. Specifically, transport and storage increased by 9.1%, hospitality and catering by 7.5%, information and communication by 7.2%. administrative and support services by 1%, while business economy services by 2.3%.
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