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Irish manufacturing grows through September

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Oct 01, 2014

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  • Industry Updates

Irish manufacturing activity expanded solidly in September, a survey showed on Wednesday, as firms stocked up on inventories in anticipation of a further rise in new orders in the coming months.

Ireland’s economy is set to grow almost 5 per cent this year, far more than much of the struggling euro zone. In the second quarter alone it expanded by 7.7 per cent year-on-year.

The Investec Manufacturing Purchasing Managers’ Index fell to 55.7 in from August’s 15-year high of 57.3 but stayed far above the 50 line denoting growth.

“While the headline PMI moderated, it nonetheless signifies a solid rate of expansion. This robust order growth has had a clear impact on manufacturers’ purchasing activity,” said Investec Ireland chief economist Philip O’Sullivan.

Manufacturing accounts for about a quarter of Irish gross domestic product, according to World Bank figures. September’s data represented the 16th straight month of growth.

The sub-index measuring stocks of purchases accumulated by manufacturers in the month rose to 52.4 from 49.6 in August, a sign of confidence that the sector is set to grow more.

Reuters



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