Financial News: Ireland's Services Growth Picks Up Pace In February

Ireland's Services Growth Picks Up Pace In February

03/03/2023 - 04:42:00 (RTTNews)

(RTTNews) - Ireland's service sector activity expanded at the fastest pace in nine months on the back of a marked rise in new orders, survey data from S&P Global showed Friday.

The AIB services Purchasing Managers' Index rose to 58.2 in February from 54.1 in January. A score above 50 indicates expansion in the sector.

The upturn in activity largely relied on firmer demand conditions, as new orders rose at the steepest pace since July 2022. New export business also indicated a strong rise in February.

Consequently, Irish service providers added their workforce numbers, though the rate of job creation was softer than seen over much of the past two years amid reports of voluntary leavers and candidate sourcing difficulties.

Backlogged work accumulated for the twenty-fourth consecutive month in February, indicating that capacity was once again constrained.

On the price front, input price inflation eased to the lowest level in twenty months, while output price inflation accelerated from January's 16-month low.

As market conditions improved and demand trends firmed, Irish service providers became increasingly optimistic about growth forecasts for the year ahead. The overall degree of confidence was the strongest in a year and historically elevated.

The composite output index also rose to a 9-month high of 54.5 in February from 52.0 in January. The faster expansion in the private sector was underpinned by a sharp uplift in Irish service sector activity, as manufacturing firms logged a stabilisation in output volumes.

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