Ir­ish man­u­fac­tur­ing sec­tor growth ac­cel­er­ates in July: PMI


Ir­ish man­u­fac­tur­ing sec­tor growth re­bounded from a 16-month low in July as the weak euro boosted ex­ports, a sur­vey showed on Tues­day.

The Investec Man­u­fac­tur­ing Pur­chas­ing Man­agers' In­dex rose to 56.7 in July from 54.6 in June. But it re­mained be­low the 15-year high of 57.5 posted in Fe­bru­ary.

The in­dex has held above the 50 line de­not­ing growth since May 2013, when Ire­land was in an in­ter­na­tional bailout pro­gramme.

Ire­land's was the fastest-grow­ing econ­omy in the Euro­pean Union last year, with gross do­mes­tic prod­uct in­creas­ing 5.2 per cent.

The new ex­port or­ders subindex climbed to 58.9 from 56.1 to reach its high­est level since Fe­bru­ary. Over­all new or­ders and em­ploy­ment im­proved on the pre­vi­ous month, while in­put prices fell.

"The strength­en­ing of out­put, new or­ders and em­ploy­ment in July gives con­fi­dence to our view that ac­tiv­ity lev­els for Ir­ish man­u­fac­tur­ing firms are likely to pick up again in Q3 af­ter a slower fin­ish to Q2," said Investec Ire­land chief economist Philip O'Sul­li­van.

"The sin­gle cur­rency's con­tin­ued weak­ness against both the dol­lar and ster­ling au­gurs well for ex­ports to the US and UK, two crit­i­cal mar­kets for Ir­ish ex­porters," he said.

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