Financial News: Ireland Manufacturing Activity Stabilizes Amid Softer Fall

Ireland Manufacturing Activity Stabilizes Amid Softer Fall In New Orders

02/01/2023 - 02:46:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector stabilized at the start of the year after contracting in the previous two months, as declines in output and new orders eased, survey results from S&P Global showed on Wednesday.

The AIB Ireland manufacturing Purchasing Managers' Index rose to 50.1 from 48.7 in December. A reading above 50.0 indicates an expansion in the sector.

Overall demand conditions remained relatively muted amid on-going reports of a general market slowdown. However, the fall in new orders was the weakest in eight months.

Due to weak demand conditions, Irish production volumes contracted further in January. As a result, firms reduced purchasing activity for the fifth consecutive month.

Manufactures added workforce numbers in January, but the rate of job creation was weaker than seen in most months seen over the past two years.

On the price front, input cost and output price inflation sank to 24- and 22-month lows respectively.

Looking ahead, the overall degree of confidence was the strongest since last February amid hopes for a general market improvement.

Official data released earlier this week showed that the Irish economy expanded 3.5 percent sequentially in the fourth quarter, faster than the 2.3 percent rise in the third quarter.

The quarterly GDP growth was driven mainly by expansion in the manufacturing sector. Compared to the same period last year, GDP advanced sharply by 13.5 percent.

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