Ireland PMI February 2020

Ireland

Ireland: Services PMI surges to 26-month high in February

March 4, 2020

Business activity in the Irish service sector stormed to the strongest level of growth in over two years, as evidenced by the AIB service sector Purchasing Managers’ Index (PMI) rising to 59.9 in February from 56.9 in the prior month. Thus, the index moved well above the critical 50-threshold that separates expansion from contraction in business activity.

February’s reading reflected accelerations in business activity and new business growth, both of which quickened for a fourth consecutive month. The faster rate of total activity was also supported by stronger employment growth, with productivity levels also improving across the services sector.

On the price front, input cost inflation rose to the highest level in a year, while output price inflation quickened from January’s three-month low. Meanwhile, the 12-month outlook moderated somewhat, reflecting potential disruption to economic activity from Brexit- and coronavirus-related uncertainty.

FocusEconomics Consensus Forecast panelists project fixed investment to contract 10.7% in 2020, which is up 1.1 percentage points from last month’s forecast. For 2021, the panel sees fixed investment growing at 3.6%.


Author:, Economist

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Ireland Services PMI February 20 20 1

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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