Software sales lead boost for services sector in October
IRISH companies sold more services in October, according to new figures published yesterday, but exporters say growth is slowing.
Services for export -- such as software sales -- led the way.
NCB Stockbrokers' purchasing managers index (PMI) showed the Irish services sector expanded in October, for the 10th month in a row.
The index measures activity on a scale either side of 50, where any number above 50 means growth and a number below 50 shows contraction.
In October, Irish services hit 51.5 on the index, based on a survey of company managers. It was up very slightly on the previous month.
Ireland was not totally immune. Overall new services business fell in October, but new export orders were up. Worryingly there is no sign that the export-led growth is having a positive impact on jobs.
Separately, the Irish Exporters' Association has cut its forecast for export growth in 2011 to 5pc from 7pc.