Ireland PMI October 2018


Ireland: Manufacturing PMI continues to slide in October

November 1, 2018

The Investec manufacturing Purchasing Managers’ Index (PMI) lost ground in October, sliding to 54.9 points from 56.3 points in September. The print remained above the critical 50-point threshold that separates expansion from contraction in manufacturing activity, where it has been for over five years, the deterioration signals a loss of pace in the growth of the sector. October’s result marks the lowest print in seven months.

While output and new orders grew at a solid rate in October, thanks to healthy demand from both domestic and overseas markets—with reports of higher demand from U.K. and Russia—growth of both softened from the previous month. Despite the upturns, October saw backlogs of work fall again. Nonetheless, firms increased their payroll numbers. On the price front, prices for raw materials continued to climb, particularly for steel and timber. Manufactures raised output prices in order to adjust to the higher cost burdens. While business sentiment dropped to the lowest in 11 months, firms remained optimistic about future output and were especially upbeat about a rise in export orders from Asia and the U.S.

FocusEconomics Consensus Forecast panelists expect fixed investment to grow 5.6% in 2019, which is up 0.5 percentage points from last month’s forecast. For 2020, the panel sees fixed investment growing 4.5%.


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Ireland PMI Chart

Ireland Manufacturing PMI October 2018 0

Note: Markit Purchasing Managers’ Index. Readings above 50 indicate an expansion in the manufacturing sector while readings below 50 point to a contraction.
Source: IHS Markit, Investec

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