Ireland PMI September 2018

Ireland

Ireland: Services PMI rises in September

October 3, 2018

The Investec service Purchasing Managers’ Index (PMI) rose to 58.7 points in September, up from 58.0 points in August. The index remained further above the critical 50-point threshold that separates expansion from contraction in the sector, where it has been for more than five years. September’s print indicates a slight improvement in business conditions in the Irish services sector.

Activity in the service sector accelerated on the back of a strong expansion in new orders. Output growth rose to a three-month high, while new business continued on a sharp ascent during September. New export orders climbed at a swifter rate, with some firms especially highlighting new business from U.K. customers. Consequently, backlogs of work increased at a solid pace, although the rate eased from the previous month and was the slowest since August 2017. Firms raised their payroll numbers to deal with the higher workloads, at a pace not seen since the end of last year. On the price front, input prices rose on higher wages and an upturn in fuel costs. Service providers increased their output charges accordingly. Business sentiment improved slightly on expectations of a further rise in new business and more buoyant economic conditions.

FocusEconomics Consensus Forecast panelists expect fixed investment to grow 0.5% in 2018, which is down 2.1 percentage points from last month’s forecast. For 2019, the panel sees fixed investment growth accelerating to 5.1%, which is up 0.1 percentage points from last month’s estimate.


Author:, Economist

Sample Report

Looking for forecasts related to PMI in Ireland? Download a sample report now.

Download

Ireland PMI Chart


Ireland Services PMI September 2018 1

Note: Investec Services PMI. Readings above 50 indicate an expansion in the services sector while readings below 50 indicate a contraction.
Source: Investec and IHS Markit.


Ireland Economic News

More news

Search form