Friday 26 May 2017

Demand for exports boosts services sector

Growth of activity in the sector quickened on the back of a strong rise in new orders
Growth of activity in the sector quickened on the back of a strong rise in new orders
Colm Kelpie

Colm Kelpie

A surge in orders for exports helped give a boost to Ireland's services sector last month.

Growth of activity in the sector quickened on the back of a strong rise in new orders, according to the latest Purchasing Managers' Index.

Philip O'Sullivan, economist with specialist bank Investec, said the data suggests a sharper rate of increase in activity at the end of the third quarter for Ireland's private sector.

"Looking ahead, with the expectations index having ticked up modestly in September, we would anticipate further encouraging services PMI readings into the new year," he said.

The seasonally adjusted business activity index rose to 62.4 in September, from 62.1 in the previous month. Improving economic conditions and a subsequent rise in new business had reportedly been behind the latest expansion.

It comes as separate data from the CSO showed that on an annual basis, industrial production increased 18.5pc in August compared with the same month last year.

Irish Independent

Promoted articles

Also in Business