Ireland PMI December 2021

Ireland

Ireland: Services PMI records worst reading since March in December

January 5, 2022

The IHS Markit Services Purchasing Managers’ Index (PMI) came in at 55.4 in December, down from November's 59.3. December's result marked the worst performance since March. As a result, the index remained entrenched above the 50-threshold, signaling a continued, albeit weaker, improvement in business conditions from the previous month. The index now remains only slightly above its long-run survey average.

The weaker figure came as activity and new work growth hit nine-month lows. The transport, tourism and leisure sector slid into contraction, with the sector vulnerable to the surge in Covid-19 cases that took place in December. In a testament to ongoing supply bottlenecks, both backlogs and input prices increased, but at softer rates amid weaker demand. Nonetheless, firms continued to see growth prospects in 2022 as being favorable, with sentiment increasing slightly on last month.

FocusEconomics Consensus Forecast panelists see private consumption expanding 6.6% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, the panel projects private consumption growth at 2.7%.


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Ireland Services PMI December 2021

Note: IHS Markit 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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