Irish manufacturing expands for fourteenth consecutive month

Posted on 1 Aug 2014 by The Manufacturer

Irish manufacturing output expanded in July for the fourteenth consecutive month, credited to strong domestic orders and exports.

Giving a further boost to the country’s economic recovery, the Investec Manufacturing Purchasing Managers’ Index (PMI) increased to 55.4, up slightly from June’s 55.3.

Investec Ireland chief economist Philip O’Sullivan said: “Panelists identified the UK as a particular source of higher overseas demand, with sterling strength likely to be a contributory factor here.”

“Our view has been, and remains, that the recovery both at home and in Ireland’s key trading partners bodes well for the domestic manufacturing sector. Therefore, we are optimistic of further good readings in the months ahead.”

The new orders sub index fell to 57.1 which marked a decrease from June’s 58.7 reading, which was the highest level since February 2011.

The news follows the announcement last month that the Ireland’s economy expanded by 2.7% in the first quarter of 2014 following two years of stagnation.