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Financial News: Ireland Services Growth Remains Robust

Ireland Services Growth Remains Robust

10/05/2021 - 03:33:00 (RTTNews)

(RTTNews) - Ireland's service sector continued to log strong growth in September with the pace of expansion remaining unchanged, survey data from IHS Markit showed on Tuesday.

The AIB Ireland services Purchasing Managers' Index remained unchanged at 63.7 in September. Any reading above 50.0 indicates expansion in the sector.

The Irish service sector had its strongest quarter of growth since the second quarter of 2006, the survey found. The quarterly PMI reading was 64.7, the third-highest since the series began in 2000.

"This highlights the very sharp rebound in services activity as pent-up demand is released amid the on-going easing of Covid-19 restrictions," Oliver Mangan, AIB chief economist, said.

The volume of new business increased for the seventh straight month in September and demand remained strong.

The outstanding business and employment rose for the seventh consecutive month in September.

Firms remained confident for the next 12 months and expect the business activity to remain above the long-run average.

Input price inflation rose for the seventh time in eight months to the highest since December 2000 and output cost rose at the strongest rates in the survey history.

The composite output index, covering manufacturing and services, decreased to 61.5 in September from 62.6 in the previous month.

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