FX.co ★ Ireland Manufacturing Growth Improves In April

Ireland Manufacturing Growth Improves In April

Ireland's manufacturing growth remained strong in April and the sector expanded at a slightly faster pace, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 60.8 in April from 57.1 in March. Any reading above 50.0 indicates expansion in the sector.

New orders rose for the second straight month in April and new export orders grew at the second-sharpest pace since February 2018.

Production increased for the second month in a row and at the fastest rate in nine months. Backlogs of work rose at the second-fastest rate ever recorded in April.

Firms output expectation for the coming 12 months strengthened on record in April.

The number of workforce increased at the fastest rate since December 2017. Input buying increased in April and suppliers' delivery time lengthened.

Input prices rose at the fastest pace in ten years and output prices increased at a series-record pace.

"Firms widely expect vaccination programs to allow a full reopening of economies, providing a major fillip to business activity," Oliver Mangan, AIB chief economist, said.

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