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Financial News: Ireland Construction Sector Growth Weakest In Nearly 6

Ireland Construction Sector Growth Weakest In Nearly 6 Years

08/11/2019 - 23:04:00 (RTTNews)

(RTTNews) - The Ireland construction sector grew at the slowest pace in 71 months in July, survey results from IHS Markit showed Monday.

The Ulster Bank construction Purchasing Managers' Index fell to 51.4 in July from 53.1 in June. The pace of expansion was the slowest in the current 71-month sequence of growth.

"The July PMI results provide early, if still somewhat tentative, evidence of a further moderation in the sector's performance early in the second half," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

The housing activity index declined to 55.9 from 58.4 a month ago. Meanwhile, the commercial activity indicator came in at 54.7, up from 52.8 in the previous month.

At the same time, civil engineering contracted at a faster pace in July. The corresponding index fell to 40.5 from 42.3 in June.

New orders grew at the slowest rate since February 2015. In line with the slower growth in new business, the increase in employment moderated to the weakest since March 2015.

On the price front, data showed that the rate of input price inflation quickened in July and was the fastest since April.

Sentiment among Irish construction firms remained positive during July. Nonetheless, the overall degree of confidence edged down to a 74- month low, amid ongoing concerns over Brexit.

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