Home Economy Ireland Manufacturing Growth Improves In January

Ireland Manufacturing Growth Improves In January

by RTTNews Staff Writer

Ireland’s manufacturing growth improved in January, data from IHS Markit showed on Tuesday.

The factory Purchasing Managers’ Index rose to 59.4 in January from 58.3 in December.

This was the highest reading since April 2021. Any reading above 50.0 indicates expansion in the sector.

Demand for manufacturing goods rose for the eleventh straight month in January and export orders increased.

New business inflow accelerated in January and production increased for the eleventh month in a row, albeit at the weakest rate since March.

Output growth eased in January and inventories of finished goods fell for the seventh straight month.

Backlogs of work rose further in January and the number of workforce increased. Input lead time lengthened to a greater extend.

Both the input and output prices increased at the slowest rate since August last year, albeit remaining among the highest on record.

“Manufacturers were very positive on the 12-month outlook for production, with the recovery from the pandemic expected to continue in 2022 and new business growing,” Oliver Mangan, AIB chief economist, said.

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