The services sector in Ireland witnessed a strong revival during November, rebounding from the lowest levels in seven years touched during the previous month. The AIB Ireland Services PMI surged to 53.7 in November from 50.6 in October, well above the 50 threshold indicating expansion.

The improvement in the performance of the services was supported by new orders soaring to a three-month high from both new as well existing customers. New orders received from abroad grew at the fastest pace since June. Business expectations also rose sharply in November to 66.4 from 63.3 during October.

Job creation in the Irish services sector also expanded at the fastest rate since June, while input prices posted an above average growth for the period. On a more positive note, services companies in Ireland are feeling more confident about the next year, with business confidence rising to a five month high with rising expectations for a pick up in business activity.

Ireland’s composite PMI stood at 52.0 in November up from 50.6 in October. This reveals the sharpest growth in business activity since June.