Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
The AIB Ireland Composite PMI Index rose in January from December, amid a rise in output, export orders and employment, S&P Global said on Thursday.
The AIB Ireland manufacturing purchasing managers’ index came in at 49.5 points in January, up from 48.9 in December. However, it remained below the crucial 50.0 no-change value, which separates growth from contraction.
Weaker manufacturing conditions have dominated the last four of five months, according to S&P Global, with the latest downturn ‘largely reflecting another reduction in total new orders’.
However, the index results for January do point to a marginal uptick in production volumes, in contrast to falling output levels for much of last year.
‘A rise in output, export orders and employment, alongside marked destocking, were the key features of the January PMI survey. While new orders fell again in January owing to weaker domestic demand, export orders rose for a second consecutive month and at the fastest pace in nearly two years. Higher demand in Europe and Asia were cited as factors in the rebound. Manufacturing production also rose at the fastest pace since May 2022,’ said David McNamara, AIB’s chief economist.
Copyright 2023 Alliance News Ltd. All Rights Reserved.