Services Sector in Ireland Grows at Slower Pace During July - Forex News by FX Leaders
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Services Sector in Ireland Grows at Slower Pace During July

Posted Tuesday, August 6, 2019 by
Arslan Butt • 1 min read

The Irish services sector grew at a slower pace in July as a result of contraction in new export orders. This was the first time in nearly three years that new export orders had shrunk, mainly driven by increasing concerns of a no-deal Brexit.

According to data released by Markit, the AIB services PMI fell to 55.0 in July from 56.9 in June. Fortunately for the Irish economy, this figure continues to stay above the 50-threshold, indicating expansion.

However, new export orders declined to 49.4 in July from 53.4 in June, going into contraction. The last time this figure had fallen below 50 was in November 2016, shortly after the Brexit referendum.

Although the manufacturing PMI slipped to 48.7 in July, the overall PMI remains supported by the strong performance of the Irish services sector.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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