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Financial News: Ireland Manufacturing Growth At 18-Month Low

Ireland Manufacturing Growth At 18-Month Low

08/02/2022 - 03:32:00 (RTTNews)

(RTTNews) - Ireland's manufacturing activity expanded at the weakest pace in one-and-a-half years in July, as output and new orders fell further amid weaker demand conditions caused by rising inflationary pressures, survey results from S&P Global showed on Tuesday.

The AIB Ireland manufacturing Purchasing Managers' Index fell to 51.8 in July from 531.1 in June.

However, a reading above 50.0 indicates expansion in the sector. This was the slowest rate of expansion since January 2021.

New orders declined at the fastest pace in eighteen months in July, while output fell further, though marginally.

In July, Irish goods producers added to their staffing levels despite on-going declines in output and new work. Nevertheless, the rate of job creation was the softest since February 2021.

On the price front, input prices rose markedly in July, driven by higher costs for raw materials, energy and labour. As a result, output price inflation accelerated since June, which was the fifth quickest on record.

Overall, Irish manufacturers remain confident about output over the next 12 months, with optimism ticking higher to a three-month high.

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