Thursday 14 December 2017

Services sector grew fastest in seven years in June

Philip O'Sullivan, Investec
Philip O'Sullivan, Investec

THE services sector grew at the fastest rate in seven years in June, new figures show.

The boost came as companies took on more staff and the Investec Purchasing Managers' Index rose to 62.6 in June from 61.7 the previous year.

Any figure above 50 represents growth and the index has been above 60 for the past three months.

The figures come ahead of gross domestic product (productivity) figures for the first quarter of this year.

"Given the recovery underway both at home and across Ireland's key trading partners, we believe that this confidence will prove well-founded and expect to see further strong services PMI readings over the coming months at least," said Investec Ireland's economist Philip O'Sullivan.

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