News Column

Ireland's service sector continues to record sharp growth

September 3, 2014



DUBLIN (CIHAN)- The Irish service sector continued to record sharp growth in business activity last month, according to latest data released on Wednesday.

The August Irish services purchasing managers' index (PMI), compiled by Investec, showed the sector has now experienced over two years of successive expansion in business activity.

The index rose to 62.4 in August from 61.3 in the previous month, and signalled the second-highest level since February 2007, according to Investec.

Investec is a leading international, specialist-banking group with headquarters in Johannesburg, South Africa.

Investec's monthly Services PMI covers all private sector services in Ireland, excluding retail and wholesale, and provides timely data on an area of the economy that is not well covered by official figures. The data are derived from questionnaires sent to a representative panel of around 450 Irish private-sector service companies.

Investec Ireland Chief Economist Philip O' Sullivan said the latest index showed that services firms benefitted from increasing new business from both home and abroad.

"With the headline Services PMI at its second-highest level since February 2007 and the headline Manufacturing PMI at its highest level since December 1999, it is clear that there is strong momentum behind the bulk of Ireland's private sector at this time," he said.

The latest Irish Manufacturing PMI, rose to 57.3 in August from July's 55.4, and marked the sharpest monthly improvement in operating conditions since December 1999, according to Investec. (Cihan/Xinhua)

CIHAN


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Source: Cihan News Agency (Turkey)


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