A monthly index tracking the value of services fell by 5.8% in February when compared to the previous month but was up 7% on an annual basis, according to the Central Statistics Office.

The index - which covers the value of a number of industries including IT, administration, transport and retail – stood at 116 in February, according to the CSO.

This compares to a figure of 123.2 in January and 108.4 in February 2014.

On a monthly basis administrative and support services saw the biggest increase in value, up 0.8%, while information and communications services had a drop of 14.5%.

Annually, the transportation and storage services saw their value increase by 16.2%, while information and communication services were down 4.1%.