Financial News: Irish Services Growth Remains Robust In December

Irish Services Growth Remains Robust In December

01/06/2025 - 03:26:00 (RTTNews)

(RTTNews) - Ireland's services sector activity logged a strong footing at the end of 2024 amid sharp growth in new orders, data released by S&P Global showed on Monday.

The AIB Ireland Services Purchasing Managers' Index fell slightly to 57.1 in December from 58.3 in October. However, any reading above 50 suggests expansion in the sector.

Among four sub-sectors, transport, tourism, and leisure segments record faster growth than in November, while the rest of all showed solid but slower rises.

New orders grew at the quickest pace in nine months, which generated another sharp increase in total activity in December. New foreign orders also rose at the fastest rate in over a year and a half, with a notable boost to services exports in business services.

Service providers remained more optimistic about output expectations over the next year amid improving market conditions and new business opportunities.

In line with rising new business and growing confidence, the rate of job creation marked the fastest in four months, which was more evident in technology, media, and telecoms.

On the price front, input price inflation accelerated to a 7-month high amid higher wage costs, and selling price inflation rose from November's recent low.

The composite output index dropped to 52.1 in December from 55.2 in the prior month, indicating a continued but slower expansion in the Irish private sector.

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