Irish Services Sector Growth Tops Three-year High In November, PMI Shows
JustinA rebound in Ireland's services sector accelerated at its fastest pace in three-and-a-half years in November, with growth driven by increased gains in current activity and new business, a survey showed on Wednesday.
A rebound in Ireland's services sector accelerated at its fastest pace in three-and-a-half years in November, with growth driven by increased gains in current activity and new business, a survey showed on Wednesday.
The AIB Ireland Services Business Activity Index climbed to 58.5 in November from 56.7 in October, the fastest rate of growth in the sector since May 2022. PMI readings above 50 indicate growth in activity.
The biggest expansion was in financial services, followed by technology, media and telecoms. Transport, tourism and leisure saw the first increase in activity since February.
New business growth accelerated for the fourth consecutive month, reaching the highest level since April 2022. This was supported by a rise in new export orders, with all four subsectors posting increases for the first time since January.
Jobs were created at the fastest rate since March despite a reduction in staffing levels in TMT for the third time in four months.
The pace of inflation for input costs remains high but has eased from the six-month high posted in September. Service providers increased charges at the fastest rate since January, passing on the higher costs to customers.
The outlook for the next 12 months improved, with expectations reaching the highest level since February, as firms anticipate increased demand and planned business investments.
