Ireland PMI April 2022

Ireland

Ireland: Services PMI declines in April but remains above long-run average

May 5, 2022

The S&P Global Services Purchasing Managers’ Index (PMI) came in at 61.7 in April, down from March's 63.4. As a result, the index moved closer to the 50.0 no-change threshold, signaling a slower improvement in business conditions compared to the previous month. That said, it remained comfortably above its long-run average of 55.1.

The services sector continued to benefit from the end of Covid-19 restrictions. Loosened measures supported the transport, tourism and leisure sector especially, coming as no surprise given that the sector provides in-person services. This in turn also boosted job creation, which remained far above its long-run average. That said, business sentiment was the second weakest since January 2021, largely because of record inflation and the war in Ukraine.

FocusEconomics Consensus Forecast panelists see private consumption expanding 5.5% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the panel projects private consumption growth at 3.4%.


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Ireland Services PMI April 2022 0

Note: S&P Global Services PMI. Readings above 50 indicate an overall increase in business activity compared to the previous month, and below 50 an overall decrease.
Source: AIB and S&P Global.


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