Drop in Manufacturing Increases

03 October 2011 - Which Way to Pay

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Drop in Manufacturing Increases

Manufacturing across Ireland has contracted at the fastest rate for nearly 2 years in September, fuelled by falls in the number of new export orders for the first time for a year.

The latest NCB PMI showed similar trends as equivalent surveys across the eurozone, with Germany and France showing the same level of slowdown in manufacturing, fuelling worries over the European debt crisis and global economic growth.

This data comes regardless of encouraging figures from the UK where PMI increased more than predicted throughout September for the first time in 3 months as a result of an increase in output. As Irelandís largest trading partner, the UK had a manufacturing PMI of 51.1 in September.

Anything under 50 indicates a contraction. Irelandís PMI for September fell to 47.3, which is down from 49.7 seen throughout August. The index showed a decrease in the number of new export orders, the first time in 11 months.

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