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Growth in the Irish factory sector picked up pace in March, a survey showed on Friday, but manufacturers warned about the impact of the war in Ukraine on both supply and demand.
The AIB Ireland manufacturing purchasing managers' index rose to 59.4 points in March from 57.8 the month before. The February reading had been an 11-month low. The March reading was the joint ninth highest in nearly 24 years of survey data collection, compilers S&P Global said.
Less positively, both input and output prices increased at the fastest rate in survey history, S&P Global said, and the 12-month outlook for production weakened due to concern about Russia's attack on Ukraine.
‘There are three clear messages that can be gleaned from the Irish PMI manufacturing data for March,’ said AIB Chief Economist Oliver Mangan, ‘continuing strong growth in activity, a weakening of sentiment on the outlook for business, and very elevated inflationary pressures.’
Purchasing was boosted in March as factories sought to secure stocks ahead of expected delays and price increases, though the increase in buying activity was slower than recent trends, S&P Global said.
The PMI was compiled by S&P Global from responses received between March 11 and 24 to questionnaires sent to a panel of 250 Irish manufacturers.
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