Wednesday 23 August 2017

Irish manufacturing marks 18 months of growth in November - PMI

O'Connell Street
O'Connell Street

Reuters

Irish manufacturing activity increased for the 18th month in a row in November as exporters saw new orders flood in at the fastest rate in almost four years.

Ireland last year became the first bailed-out euro zone country to exit its international assistance programme. The government is forecasting growth of almost 5pc this year, which would likely make it the best-performing economy in the 18-member bloc.

The Investec Manufacturing Purchasing Managers' Index stood at 56.2 in November, down from 56.6 a month earlier but comfortably above the 50 mark that indicates growth and not far short of the 15-year high of 57.3 in August.

While growth in new orders slowed for the third successive month after August's peak, the sub-index measuring new export orders jumped to 59.3 from 54.8 in October to mark its highest reading since February 2011.

"This is a very welcome result given the softer trends emanating from the eurozone of late - with respondents crediting higher demand from the UK - helped by sterling strength - and Asia for this outturn," said Investec Ireland chief economist Philip O'Sullivan.

"Another sign of confidence is the Employment index, which reveals a further sharp rise in hiring last month. More than twice as many firms are adding to headcounts than are cutting staffing levels."

Reuters

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