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Ireland PMI April 2024

Ireland: Manufacturing PMI deteriorates in April

The AIB Ireland Manufacturing Purchasing Managers’ Index (PMI) fell to 47.6 in April from 49.6 in March. As a result, the index moved further below the 50.0 no-change threshold, and signaled a faster deterioration in manufacturing-sector operating conditions compared to the previous month.

April’s PMI reading was primarily driven by a significant reduction in output volumes and incoming new work, with both rates of decline accelerating since the previous survey period. The steepest fall in total new business for 16 months, particularly noted in export sales, reflected sluggish demand conditions. Overstocked customers and lower spending in the construction sector were additional challenges which led to the strongest pace of production decrease in six months and a stagnation in employment, ending a three-month streak of slight increases in employment.

Despite the downturn in demand and output, April saw profit-margin pressures easing with cost inflation at a three-month low, suggesting some relief in raw material costs. However, manufacturers continued to raise their factory gate prices, marking the sharpest rate of inflation in a year. Business sentiment improved slightly from March’s 41-month low, driven by hopes of a sales turnaround and long-term expansion plans, with a notable increase in goods producers anticipating a rise in output levels over the year ahead.

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