Ireland PMI October 2021

Ireland

Ireland: Services PMI moderates in October

November 3, 2021

The IHS Markit Services Purchasing Managers’ Index (PMI) fell to 63.4 in October from September's 63.7. As such, the index remained entrenched well above the 50-threshold, signaling a continued improvement in business conditions from the previous month.

The slightly weaker figure came as activity growth hit a four-month low, albeit nonetheless remaining elevated. There was growth in all sectors, with the transport, tourism and leisure sector recording the largest expansion. Activity was boosted by the further easing of Covid-19 restrictions, with new business and employment also continuing to rise strongly. In a testament to ongoing supply bottlenecks, both backlogs and input prices rose at the fastest pace in 21 years. Meanwhile, business expectations were the weakest since July.

FocusEconomics Consensus Forecast panelists project fixed investment to contract 13.6% in 2022, which is up 0.8 percentage points from last month’s forecast. For 2023, the panel sees fixed investment expanding 6.5%.


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