Ireland PMI


Ireland: Manufacturing PMI reflects ongoing expansion in November despite moderation

December 1, 2014

The Investec manufacturing Purchasing Managers’ Index (PMI) ticked down from 56.6 in October to 56.2 in November. The index remains comfortably above the 50-threshold that indicates expansion in the manufacturing sector.

November’s print was driven by ongoing substantial rises in output, new orders, and employment. Manufacturing output extended its sequence of growth to 18 months. New export orders also expanded, although at a more moderate pace compared to previous months. Respondents to the survey noted that higher new export business boosted overall new orders. The strong pace of employment gains among manufacturers registered in October carried over into November.

According to the survey report, “last month we said that ‘the generally positive trends are particularly welcome in light of the more unsettled global backdrop that we have seen in recent times.’ We see little need to change that narrative on the back of this release.”

According to its Q3 Quarterly Bulletin, the Central Bank expects GDP to grow 4.5% in 2014 and 3.4% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 4.8% in 2014, which is up 0.4 percentage points from last month’s forecast. For 2015, the panel sees economic growth accelerating to 3.5%, which is up 0.2 percentage points from last month’s projection.

Author:, Economist

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Ireland PMI Chart

Ireland Manufacturing PMI November 2014

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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