Ireland PMI July 2022


Ireland: Services PMI increases in July

August 4, 2022

The S&P Global Services Purchasing Managers’ Index (PMI) came in at 56.3 in July, up from June's 55.6. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.

July’s improvement came on the back of a broad-based improvement across all monitored sectors, with financial services recording the quickest expansion. Output and new orders rose, aided by stronger domestic and foreign demand. Moreover, higher workloads led to a strong increase in employment, which partially alleviated soaring pressures on capacity. On the price front, input costs rose amid higher prices for energy and materials. In response, firms hiked output prices at a series-high pace. Lastly, companies’ sentiment grew more optimistic due to expectations of higher demand and economic recovery following the removal of Covid-19 restrictions.

FocusEconomics Consensus Forecast panelists see private consumption expanding 4.3% in 2022, which is down 0.5 percentage points from last month’s forecast. In 2023, the panel projects private consumption growth at 2.6%.


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Ireland PMI Chart

Ireland Services PMI July 2022

Note: S&P Global Services PMI. Readings above 50 indicate an overall increase in business activity compared to the previous month, and below 50 an overall decrease.
Source: AIB and S&P Global.

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