Value of services rises during July despite recession fears

There are concerns that many consumers will tighten their purse strings and cut down on spending on services as inflation soars and energy companies continue to hike prices

The accommodation and food service activities sector recorded a monthly value increase of 1.9% in July. File picture: Sasko Lazarov / RollingNews.ie

The value of services produced rose by 0.5% during July, up from the previous month despite growing fears surrounding the ongoing cost-of-living crisis.

The figures from the Central Statistics Office (CSO) also revealed that the volume of services had increased by 0.9% from the previous month.