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Ireland PMI February 2024

Ireland: Services PMI surges in February

The AIB Ireland Services Purchasing Managers’ Index (PMI) rose to 54.4 in February from 50.5 in January. As a result, the index moved further above the 50.0 no-change threshold and signaled a faster improvement in services sector operating conditions compared to the previous month.

February’s uptick was driven by a notable rise in European demand, contributing to the sharpest expansion in new export business in six months. The sector saw an improvement in the job creation rate, which reached the quickest pace since June.

Price pressures in the Irish service sector intensified in February, with input prices and charges escalating at the fastest rates observed in 10 and 12 months, respectively. Meanwhile, overall business sentiment improved, buoyed by expectations of economic recovery, new customer acquisitions, the introduction of new services and lower interest rates.

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