Ireland PMI December 2020

Ireland

Ireland: Services PMI rises in December

January 6, 2021

The AIB services sector Purchasing Managers’ Index (PMI) jumped in December, rising to 50.1 from November’s 45.4. As a result, the index moved slightly above the 50-theshold that separates expansion from contraction in business activity.

December’s reading largely reflected rising total activity, with the fastest expansion logged in the financial services sector. New business, however, fell slightly, although the outlook for the coming year improved as firms were optimistic over positive vaccine developments—with overall expectations the strongest since February. Regarding the labor market in the sector, employment grew for the first time since March in the final month of the year. On the price front, although input costs increased in the month amid higher utility bills and wage costs, the rate of inflation eased to a five-month low. Moreover, output charges also rose in December, yet only marginally.

FocusEconomics Consensus Forecast panelists project fixed investment to contract 6.9% in 2021, which is down 0.4 percentage points from last month’s forecast. For 2022, the panel sees fixed investment growth at 3.4%.


Author:, Economist

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Ireland Services PMI December 20 20 0

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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