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Financial News: Ireland Manufacturing Growth Remains Strong

Ireland Manufacturing Growth Remains Strong

01/03/2022 - 02:26:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector growth remained strong at the end of the year, despite easing for the sixth time in seven months in December, data from IHS Markit showed on Monday.

The factory Purchasing Managers' Index fell to 58.3 in December from 59.9 in November. Any reading above 50.0 indicates expansion in the sector.

Manufacturing output rose for the tenth straight month in December, with the rate of expansion easing to the weakest since March.

New orders rose for the tenth month in a row in December, albeit at a softer rate since March. New business increased at a softer pace.

New export orders increased in December and backlogs of work rose for the tenth month a row. Firms increased the workforce and overall employment solidly.

Suppliers' delivery time lengthened in December.

Input price inflation eased to the lowest in three months in December and output costs increased.

"Meanwhile, manufacturers were very positive on the 12-month outlook for production, with sentiment hitting its best level since July," Oliver Mangan, AIB Chief Economist, said.

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