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Financial News: Ireland Services Growth Remains Strong In July

Ireland Services Growth Remains Strong In July

08/03/2018 - 02:33:00 (RTTNews)

(RTTNews) - Ireland's service sector growth remained robust in July despite easing to a four-month low, survey data from IHS Markit showed Friday.

The seasonally adjusted Investec services Purchasing Managers' Index dropped to 57.4 in July from 59.5 in June. However, any reading above 50 indicates expansion in the sector.

Both output and new orders continued to rise sharply in July amid strengthening economic conditions.

As a result, companies raised their staffing levels at the fastest pace in seven moths.

On the price front, input price inflation quickened and output prices rose solidly.

"Taken together, this week's PMI releases suggest that while the rate of growth in activity across much of Ireland's private sector has slightly softened from the multi-month highs recorded in June, it remains substantial," Philip O'Sullivan, Chief Economist at Investec Ireland said.

"We expect the Irish economy to grow by 5.0 percent in GDP terms this year, keeping the country towards the top of the EU28 'growth charts'."

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