5 years ago

Ireland’s manufacturing output surge to 18-year high

File Photo (Collected)
File Photo (Collected)

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Ireland’s manufacturing output growth accelerated in the three months to November, surged to an 18-year high, a survey showed on Friday.

The output seen higher, with strong new orders at home and abroad defying fears Brexit would trigger a slowdown in Britain’s closest neighbour, reports Reuters.

The Investec Purchasing Managers’ index indicated strong growth is likely to continue, climbing to 58.1 in November, its highest level since December 1999, from 54.4 in October.

Investec Ireland chief economist Philip O‘Sullivan said the manufacturing businesses remain very upbeat about the prospects for the sector, with only one in 16 panelists expecting to see a reduction in production over the coming 12 months.

 “We believe that manufacturers here are right to feel confident,” he said, citing the country’s open economy and the International Monetary Fund’s forecast for global economic growth to hit a seven year high of 3.7 per cent next year.

The expansion in the new business sub-index was the fastest since the end of 1999 and one of the steepest in the survey’s history, the survey’s authors said.

Those questioned linked higher output to new order growth in both domestic and export markets. New export orders have now risen in each of the past 15 months.

Employment has risen in each of the past 14 months, with growth strongest in consumer and investment goods.

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