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Irish Services Sector Grows at Slowest Pace This Year in August

The services sector in Ireland expanded at the slowest pace since January 2019, with the AIB Ireland services PMI ticking lower to 54.6 in August from 55.0 in July. The rate of growth seen in August was also below the the long-run series average. Ireland’s composite PMI reading for August has come in at 51.8, remaining steady since July.

Despite the ongoing Brexit uncertainties, Ireland had remained Europe’s fastest growing economy, but that appears to be changing with both manufacturing as well as services sectors showing increasing signs of weakness. New export orders in the Irish services industry had contracted for the first time in almost three years in July, but staged a slight recovery, rising to 50.3, indicating a slight expansion.

Job creation in the sector also grew, but at the slowest pace seen in over six years, while the rate of input cost inflation slid to the lowest level since November 2016. Rising Brexit uncertainties have not only caused a dip in new order during August but have also caused a steep decline in business confidence among businesses in the Irish services sector.

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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