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Financial News: Ireland Manufacturing Sector Expands Strongly In December

Ireland Manufacturing Sector Expands Strongly In December

01/04/2021 - 02:17:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector expansion improved sharply in December, survey data from IHS Markit showed on Monday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 57.2 in December from 52.2 in November. This was the strongest growth since July.

Any reading above 50.0 indicates expansion in the sector.

New orders received rose for the second straight month in December and at the fastest pace since July. Production increased for the second month in a row.

The volume of input orders rose the most since March last year. Suppliers' delivery time lengthened in December.

On the price front, input cost inflation rose in December and the rate of inflation was slightly softer than the previous month. Manufacturing output prices rose for the third straight month.

Sentiment eased slightly in December, reflecting rising uncertainty surrounding a UK-EU trade deal, but was the second highest for ten months.

"Stockpiling ahead of the end of the Brexit transition period was one factor behind the sharp rise in the index," Oliver Mangan, AIB chief economist, said.

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