Ireland’s Manufacturing Sector Witnesses Contraction in December - Forex News by FX Leaders
Ireland's Manufacturing Sector Witnesses Contraction in December

Ireland’s Manufacturing Sector Witnesses Contraction in December

Posted Thursday, January 2, 2020 by
Arslan Butt • 1 min read

Factory activity in Ireland saw a slight contraction in December over decline in overseas orders and hiring plans. The AIB IHS Markit PMI slid to 49.5 in December from 49.7 in November, remaining below the 50 threshold indicating contraction.

Ireland’s manufacturing sector has witnessed contraction for six out of the last seven months. December’s data was weaker on account of new export orders, which slid from 47.5 to 46.5. This is mainly on account of continued Brexit uncertainties driving down orders from Britain.

Workforce in the manufacturing sector also contracted for the second consecutive month in December. This is the first time since 2013 that hiring has contracted in Ireland’s manufacturing industry for consecutive months.

On the positive, the sentiment among Irish manufacturers has improved to the strongest level seen since June. Around 42% of companies expect output to grow in the coming 12 months.

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