The trial Index of Service Production (ISP) showed that real estate, retail trade, wholesale trade, and accommodation and food services were among the fastest-growing segments of the service economy in June. In May, 16 of the 19 sectors grew, with eight recording double-digit expansion.
Real estate led the growth in June, expanding 24.7% from a year earlier, up from 17.7% in May. Retail trade followed with 18% growth, while wholesale trade grew 15.1%. Administrative and support services expanded 14.4%, IT and computer-related services grew 13.5%, and warehousing and support activities for transportation increased 11.8%.
Banking and accommodation and food services also recorded double-digit growth, rising 11.4% and 10.2%, respectively.
The Ministry of Statistics and Programme Implementation (MoSPI) launched the ISP in July, with 2024-25 as the base year.
The monthly trial index tracks output in 19 services sectors that together account for about 60% of the services sector.
Insurance grew 9.6% year-on-year in June, followed by telecommunications at 9.5% and professional, scientific and technical services, including research and development, at 9.1%. The transport sector posted mixed results. Road transport grew 9.7% and water transport increased 6.9%, while railway transport recorded more modest growth of 3.3%.
Air transport was the only sector to contract in June, declining 6% year-on-year. Elsewhere, postal and courier services grew 5%, while repair services expanded 7.5%. Arts, entertainment and recreation services increased 6.1%, and information and broadcasting services grew 4.6%.