Irish manufacturing activity shrinks again in Dec - PMI
Reuters
Published Jan 02, 2023 08:34PM ET
DUBLIN (Reuters) - Irish factory activity contracted for the second straight month in December, and at the same pace as November, after another sharp decline in new orders countered a slightly slower deterioration in output, a survey showed on Tuesday.
The AIB S&P Global (NYSE:SPGI) manufacturing Purchasing Managers' Index (PMI) was unchanged in December after falling in November to 48.7 from October's 51.4. Any reading below the 50 mark points to a contraction in activity.
Despite a slight improvement in orders from abroad, total orders dropped to a subindex reading of 43.2, having been at a buoyant 60.9 nine months ago as Russia's war on Ukraine began. Excluding the initial COVID-19 lockdown, December's reading was the lowest since 2009.
Ireland's factories have nevertheless proven more resilient to the Europe-wide cost-of-living crisis and it was the only euro zone member measured by the PMI where manufacturing was still growing until two months ago.
Pressure on supply chains eased further in December, with only 12% of firms reporting longer supplier delivery times. That led to the slowest round of input price inflation since February 2021.
Input prices were still elevated and output price inflation also remained high, accelerating in December.
Ireland's domestic economy shrank by 1.1% quarter-on-quarter from July to September, data showed recently, but the finance ministry still estimates growth of 7.7% for 2022 as a whole after a rapid expansion earlier in the year.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.