Irish Manufacturing PMI Expands

02 April 2012 10:00am - Victoria Wedderburn

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Irish Manufacturing PMI Expands

Ireland’s manufacturing sector grew in March, seeing the first expansion for five months. Markit Economics and NCB Stockbrokers said the manufacturing Purchasing Managers Index rose 51.5 from 49.7 in February, above the mark of 50 that separates contraction from expansion. The PMI figure is an indicator designed to measure the health of the manufacturing industry. Output rose to 52.8 from 50.4 in February – new orders increased to 52.7 and exports orders increased to 55.1.NCB said the sector ended the first quarter of 2012 on a positive note, with output, employment and new orders rising in March. However, cost inflation accelerated further last month amid higher oil prices.

The index shows that manufacturing companies recorded a solid increase in new orders and companies reported a growth of new export orders. New business from abroad increased at the sharpest pace since last May. NCB chief economist Brian Devine said, “This result is in contrast to the Flash PMIs in the Euro area which signalled contraction in the Euro area.” He added, “The outperformance is likely driven by Ireland’s greater exposure to the US which has been performing relatively robustly lately.”  While Ireland is not back to total health it has managed an export rebound unlikely many other countries.

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