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Ireland's factory sector grew at its slowest pace in almost two years last month, survey results showed on Thursday.
The AIB Ireland manufacturing purchasing managers' index fell to 51.1 points in August from 51.8 in July, indicating the weakest growth since October 2020, according to survey compilers S&P Global.
‘The impact of weakening demand on Irish manufacturing activity is clearly evident in the third consecutive monthly contractions in both output and new orders,’ said AIB Chief Economist Oliver Mangan.
‘The drop in new orders resulted in a further easing in capacity pressures, with backlogs of unfinished work declining for a fourth month running. Weakening demand also saw stocks of finished goods rise at the fastest pace in over three years.’
More positively, employment in the sector continued to expand, though at its slowest pace since January 2021.
The PMI is compiled by S&P Global from the responses to a questionnaire sent to a panel of 250 Irish manufacturers, with data collected between August 13 and 23.
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