Ireland PMI June 2021


Ireland: Services PMI hits over five-year high in June

July 5, 2021

The AIB services sector Purchasing Managers’ Index (PMI) rose to 63.1 in June, coming in above May’s 62.1 and logging the highest reading since January 2016. As a result, the index moved further above the 50-threshold that separates expansion from contraction in business activity.

June’s upturn was chiefly driven by a solid rise in new business, as the lifting of lockdown restrictions spurred demand, with the transport, tourism and leisure sectors logging the biggest gains. Similarly, new export orders expanded again, albeit at a softer pace. This, resulted in a peak in outstanding work, which was somewhat eased by marked growth in employment levels—the job creation rate was the sharpest since September 2017. On the price front, higher charges for fuel, utilities, wages, insurance and freight, as well as Brexit-associated costs pushed input cost inflation to a near 13-year high. As a result, firms hiked their selling prices markedly to protect their profit margins.

FocusEconomics Consensus Forecast panelists project fixed investment to contract 5.5% in 2021, which is unchanged from last month’s forecast. For 2022, the panel sees fixed investment growth at 6.8%.


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Ireland PMI Chart

Ireland Services PMI June 2021

Note: Investec 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 IHS Markit.

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