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Ireland PMI April 2024

Ireland: Services PMI falls in April

The AIB Ireland Services Purchasing Managers’ Index (PMI) fell to 53.3 in April from 56.6 in March. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in services-sector operating conditions compared to the previous month.

The slowdown in the Services PMI came amid softer expansions in activity and new business, with the technology, media and telecoms sector showing particular weakness, registering lower intakes of new work for the first time in over three years. Despite this, all four subsectors reported higher activity in April, with financial services leading growth for the fifth consecutive month. New export business growth also eased from the prior month but remained relatively strong, spearheaded by the financial services sector. Additionally, the rate of job creation eased to a three-month.

With regards to prices, wages and fuel were the main sources of higher input costs, with the overall rate of input inflation easing to a three-month low. Meanwhile, despite their confidence easing to a seven-month low, companies continued to anticipate higher business activity over the next 12 months, driven by recovering market conditions, new investments, and export opportunities.

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