For January, ABS has reported a 0.2% rise in business turnover in trend terms across a new 13-industry aggregate indicator, reaching the highest activity levels since the series began in 2010.
Lauren Binns, ABS head of business statistics, emphasised the significance of the new indicator.
“This month, our new 13-industry indicator offers a timely read on high-level economic activity, while new subdivision indexes allow a deeper dive into the turnover data – giving us better insight into what’s driving the turnover this month,” Binns said.
In seasonally adjusted terms, business turnover increased by 1%, with eight out of the 13 industries registering growth in January.
Notably, the electricity, gas, water, and waste sector experienced the most significant seasonally adjusted increase, rising by 5.8%. This surge is attributed to the higher electricity demand during the warmer summer months. The transport, postal, and warehousing industry, meanwhile, saw a 4.1% rise, primarily driven by the transport support services subdivision.
Conversely, the arts and recreation services sector faced the most substantial percentage decrease.
“The new subdivision indexes show that this is because lower turnover for sports and recreation activities offset a rise in gambling activities,” Binns said.
For more details, read Monthly Business Turnover Indicator, January 2024. To compare the latest results with the previous month, click here.
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