August saw fastest rate of manufacturing expansion in nearly 15 years – Investec PMI
Irish manufacturing growth rate hits 15 year high
Activity in the Irish manufacturing sector expanded at the fastest rate since 1999 in August, figures from Investec Bank show today. A surge in new orders offered further evidence that the economy is recovering steadily.
Investec said one of the highlights of the manufacturing PMI for some time has been the employment index, which now shows that the sector has increased headcounts in each of the past 15 months. August saw the rate of job creation improve to its fastest pace in three months as firms responded to increasing demand.
It represented the 15th month of growth in a row.
Philip O’Sullivan, chief economist with Investec Ireland, said the figure signified the fastest rate of expansion in activity since December 1999.
“New product lines and improving demand from both export and domestic markets helped the New Orders component rise to its highest level in almost 15 years”
“In terms of overseas demand, panelists cited the UK (in particular) and Asian markets as sources of new work during the month.”
Philip O’Sullivan, Chief Economist, Investec Ireland
Manufacturing accounts for about a quarter of Irish gross domestic product, according to World Bank figures.
In contrast to one of its smallest members, manufacturing activity for the euro zone as a whole fell to a 13-month low in August.
Investec, irish growth, Jobs, Manufacturing