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Financial News: Ireland Services Growth At 17-Month Low

Ireland Services Growth At 17-Month Low

09/05/2022 - 05:01:00 (RTTNews)

(RTTNews) - Ireland's service sector activity expanded at the weakest pace in nearly one-and-a-half years in August, due to a further moderation in demand conditions amid concerns of inflation risks, survey data from S&P Global showed on Monday.

The AIB Ireland services Purchasing Managers' Index fell to 54.7 in August from 56.3 in July. However, a reading above 50 indicates expansion in the sector.

Further, the rate of growth was the weakest since March 2021, and the index was also below its long-run trend level of 55.1 in the latest period.

New orders grew at the weakest pace since March 2021, partly linked to inflation and weaker UK markets.

Cost pressures remained elevated in August, but the rate of inflation softened to a six-month low. Similarly, charge inflation was also the slowest since February. Service providers continued to expand their workforce numbers in August.

Looking ahead, outlook expectations over the next twelve months also moderated, reflecting concerns over high inflation and a potential recession.

The composite output index, covering manufacturing and services, fell to 51.0 in August from 52.9 in the previous month.

The loss of growth momentum in August reflected both a slower increase in services activity and a sharper reduction in manufacturing output, the survey said.

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