4th Apr 2024 06:56
(Alliance News) - Irish service sector growth continued to accelerate in March, according to numbers from an S&P Global survey on Thursday.
The AIB services PMI rose to 56.6 in March from 54.4 in February, marking the fastest pace of expansion since last July. With the number coming in further above the 50.0 neutral mark, it suggests a further acceleration in Irish service sector growth, following February's rebound.
The strongest growth was seen in financial services, though all other sectors saw robust rates of expansion.
"Irish firms continued to report rising levels of new business across all sectors, and this was linked, in part, to robust international demand. The volume of outstanding work also increased on the month, as earlier new orders growth now translates into activity," said AIB Chief Economist David McNamara.
The manufacturing sector has not kept up pace, however, as reported on Tuesday. The manufacturing PMI 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.
The composite PMI fell to 53.2 from 54.4, due to a drop in manufacturing output. The composite PMI is a combination of the services and factory scores.
The services PMI is calculated by S&P Global based on responses to a questionnaire sent to 400 service providers in Ireland. The responses are collected in the second half of each month.
By Sabrina Penty, Alliance News reporter
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