Ireland PMI August 2022

Ireland

Ireland: Manufacturing PMI records worst reading since October 2020 in August

September 1, 2022

The AIB Manufacturing Purchasing Managers' Index (PMI) fell to 51.1 in August from July's 51.8. August's result marked the worst performance since October 2020. As a result, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in private sector business conditions from the previous month.

The moderation was driven by sharper declines in new orders and output. Elevated inflation and economic uncertainty affected domestic and foreign demand. At the same time, producers reduced their hiring activity, with employment growth reaching its lowest rate since January 2021. More positively, weaker demand appeared to ease constraints on capacity, with backlogs and input inflation both falling. Meanwhile, looking further ahead, firms’ expectations for output 12 months ahead dropped to a 22-month low on concerns regarding inflation and rising recession risks.

FocusEconomics Consensus Forecast panelists project fixed investment to grow 0.9% in 2022, which is unchanged from last month’s forecast, and 6.1% in 2023.


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Ireland Manufacturing PMI August 2022

Note: S&P Global Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: AIB and S&P Global.


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