Ireland PMI May 2019

Ireland

Ireland: Services PMI climbs to six-month high in May

June 6, 2019

The Irish service sector accelerated markedly in May, as reflected by the AIB service Purchasing Managers’ Index (PMI) rising to 57.0 from 54.7 in April. May’s reading thus moved further above the critical 50-point threshold that separates improvement from deterioration in business conditions and marked the fastest expansion in six months.

Output and new orders climbed more rapidly, thanks to stronger demand amid improving economic conditions and more successful marketing initiatives. Service providers increased their in-take of workers at a faster rate to deal with the sharp rise in backlogs of work. Meanwhile, on the price front, higher fuel and staff costs pushed up input prices, which prompted firms to raise their output prices. Looking ahead, business sentiment strengthened on an improved outlook on activity supported by projections of higher new orders and increased investment.

FocusEconomics Consensus Forecast panelists expect fixed investment to grow 9.0% in 2019, which is up 0.3 percentage points from last month’s forecast. For 2020, the panel sees fixed investment growth decelerating to 5.5%.


Author:, Economist

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Ireland Services PMI May 2019 3

Note: Investec Services PMI. Readings above 50 indicate an expansion in the services sector while readings below 50 indicate a contraction.
Source: AIB and IHS Markit.


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