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Financial News: Ireland Service Sector Growth Fastest In Over 2

Ireland Service Sector Growth Fastest In Over 2 Years

03/04/2020 - 02:13:00 (RTTNews)

(RTTNews) - Ireland's service sector grew at the fastest pace in two years in February, survey data from IHS Markit showed on Tuesday.

The AIB services Purchasing Managers' Index advanced to 59.9 in February from 56.9 in January. Any score above 50 indicates expansion in the sector. The latest growth was the strongest since December 2017.

The services sector grew for the fourth month in a row in February. Three out of four sectors of services accelerated.

New contracts growth increased for the fourth straight month in February, with the pace of expansion sharpest since April 2018. New export business growth rose, driven by financial services.

The rate of growth in incomplete contracts increased three times in four months and the rate of employment growth rose slightly, with jobs rising to the strongest pace in eight months.

Cost pressure increased in February due to higher salaries and fuel prices. The input price inflation was the highest in twelve months, while inflation in prices charged for services was the lowest in three months.

Current business conditions strengthened in February, while the twelve-month outlook decreased slightly. Business sentiment remained stronger through out 2019, but eased to the lowest in three months.

The composite output index rose to 56.7 in February from 54.7 in the previous month. This was the strongest expansion since September 2018.

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