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.
Ireland’s manufacturing sector fell back into contraction territory in March, according to survey data on Tuesday.
The AIB purchasing managers’ index fell to 49.6 in March from 52.2 in February, indicating a renewed, but marginal, downturn, as the figure fell back below the 50.0 no change mark.
This was due to ‘renewed declines’ in both production volumes and incoming new work.
In addition, survey respondents ‘commented on cutbacks to production schedules in response to lacklustre demand conditions and weaker-than-expected sales pipelines,’ S&P Global said.
‘Survey respondents cited headwinds from subdued demand in both domestic and export markets. Growth expectations for the year ahead weakened considerably, with optimism slipping to the lowest since October 2020. On a more positive note, manufacturers maintained a moderate rate of job creation,’ S&P added.
The PMI is compiled by S&P Global from the responses to a questionnaire sent to 250 Irish manufacturers, with data collected in the second half of the month.
Copyright 2023 Alliance News Ltd. All Rights Reserved.