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Manufacturing growth surges ahead
01 Sep 2014 13:01
Activity in the Irish manufacturing sector expanded at the fastest rate since 1999 in August, figures from Investec Bank show today.
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A surge in new orders offered further evidence that the economy is recovering steadily.
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The Investec Manufacturing Purchasing Managers' Index rose to a 15-year high of 57.3 in August from 55.4 in July, well above the 50 line dividing expansion from contraction.
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It represented the 15th month of growth in a row.
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"This is a strong outcome, particularly when framed against the backdrop of weakening signs from some euro zone trading partners of late," Philip O'Sullivan, chief economist at Investec said.
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"With manufacturing firms in Ireland stepping up their purchasing and hiring activity, it is clear that they are optimistic of a strong finish to the year," he added.
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