Ireland PMI May 2022

Ireland

Ireland: Services PMI falls in May

June 3, 2022

The IHS Markit Services Purchasing Managers’ Index (PMI) came in at 60.2 in May, down from April's 61.7. 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, as the sector provides predominantly in-person services. This in turn also boosted job creation in the services sector, which rose at the fastest rate in 10 months. That said, near-record input and output inflation dampened activity, keeping business sentiment below the level it had been at before Russia’s invasion of Ukraine.

FocusEconomics Consensus Forecast panelists see private consumption expanding 5.1% in 2022, which is down 0.4 percentage points from last month’s forecast. In 2023, the panel projects private consumption growth at 3.2%.


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Ireland Services PMI May 2022

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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