Irish manufacturing growth ends 2017 at record high - PMI

Irish manufacturing growth in December hit its highest level in almost 20 years
Irish manufacturing growth in December hit its highest level in almost 20 years
Author

02 January, 2018

The performance was driven by a growth in new orders, with December's level of production the strongest in the current 17 month sequence of growth, and third-fastest in the Investec Manufacturing PMI Ireland surveys history.

The projection of an improvement in underlying demand conditions was the key reason behind business confidence, according to anecdotal evidence, said the Nikkei Malaysia Manufacturing Purchasing Managers' Index (PMI).

A reading above 50 indicates expansion, while below reflects contraction.

Increased consumer demand also reinforced optimism that output will increase in the next 12 months.

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Meanwhile, the large food and beverages sub-sector recorded its highest monthly result since April 2016, while the non-metallic minerals sub-sector, wood and paper products and machinery and equipment all recorded their lowest index results for 2017. The modest increase in output in December followed broadly unchanged production volumes in November. Analysts widely expect growth to slow further in the final three months of the year, though the full-year growth rate is still likely to exceed the government's target of "around 6.5%", which its set in March. "The sector therefore is in good shape heading into 2018". It also vowed to keep a tighter grip on the money supply in a much more hawkish message than it had at the previous year's meeting. December's business optimism improved to a nine-month high.

The Caixin manufacturing PMI for December compares with a decrease in the official PMI released by the National Bureau of Statistics (NBS) on Sunday. This was consistent with the strongest improvement in the health of the sector since December 2012.

Costs of raw materials such as oil and steel rose while prices of materials from Chinese suppliers increased, leading to a sharp rise in input costs in December.


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