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02/09/2011
Irish Manufacturing Output Increases
Ireland's manufacturing sector has seen a rise in output for the first time in three months.
According to the latest NCB Purchasing Managers' Index the industry shrank for the third month although output increased due to new export orders and a reduction in a backlog of work.
The survey which measures Irish manufacturing activity said the output sub-index climbed to from 49.78 % to 52.41%.
This is the first time since May that it has came in above the 50% mark, which divides growth from contraction.
The broader index, which gives an overall picture of the health of the sector including employment, inventories and costs, rose from 48.20 % to 49.71%. But it stayed in negative territory for the third month in a row.
The employment and new export order sub indexes also expanded, but new orders as a whole contracted to their lowest level in nearly a year.
Brian Devine, Economist at NCB Stockbrokers, said: "New orders generally contracted for the third month in a row, signalling the weakness of the domestic Irish market.
"We expect Ireland's main trading partners to slow into 2012, which will be a drag on Irish exports and growth."
Ireland needs domestic spending to stabilise from next year and exports to remain strong if its recovery is to pick up enough pace to bring down the debt.
Meanwhile costs increased for the 20th month in a row, while manufacturers cut their prices for the first time in 2011 amid intense competition, further squeezing earnings.
(LB/BMcC)
According to the latest NCB Purchasing Managers' Index the industry shrank for the third month although output increased due to new export orders and a reduction in a backlog of work.
The survey which measures Irish manufacturing activity said the output sub-index climbed to from 49.78 % to 52.41%.
This is the first time since May that it has came in above the 50% mark, which divides growth from contraction.
The broader index, which gives an overall picture of the health of the sector including employment, inventories and costs, rose from 48.20 % to 49.71%. But it stayed in negative territory for the third month in a row.
The employment and new export order sub indexes also expanded, but new orders as a whole contracted to their lowest level in nearly a year.
Brian Devine, Economist at NCB Stockbrokers, said: "New orders generally contracted for the third month in a row, signalling the weakness of the domestic Irish market.
"We expect Ireland's main trading partners to slow into 2012, which will be a drag on Irish exports and growth."
Ireland needs domestic spending to stabilise from next year and exports to remain strong if its recovery is to pick up enough pace to bring down the debt.
Meanwhile costs increased for the 20th month in a row, while manufacturers cut their prices for the first time in 2011 amid intense competition, further squeezing earnings.
(LB/BMcC)
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