Ireland PMI


Ireland: Manufacturing PMI moderates in January but continues to signal expansion

February 2, 2015

The Investec manufacturing Purchasing Managers’ Index (PMI) fell from 56.9 in December to 55.1 in January, which marked an eight-month low. Despite the drop, the index remains comfortably above the 50-threshold that indicates expansion in the manufacturing sector.

January’s print reflects that both output and new orders continued to rise, albeit at a slower pace than in the previous month. Exports orders also registered an increase and the UK was the primary destination for new business. Employment continued to rise, although more slowly than in the month prior. The increase reflected firms’ response to new orders and expectations for growth in the next months. In addition, input and output prices both decreased in January.

According to the survey report, “further growth was recorded in the Irish manufacturing sector at the start of 2015 as client demand continued to improve. While the headline PMI moderated […] the reading is nonetheless consistent with a marked rate of expansion. The sector has now recorded 20 successive months of growth.”

FocusEconomics Consensus Forecast panelists expect the economy to grow 3.6% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees economic growth accelerating to 3.6%.

Author: Teresa Kersting, Economist

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Ireland PMI Chart

Ireland Manufacturing PMI January 2015

Note: Investec Manufacturing PMI. Readings above 50 indicate an expansion in the manufacturing sector while readings below 50 indicate a contraction.
Source: Investec and Markit.

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