January saw exports remain strong
The growth of exports in Ireland has continued to remain solid following a seven-year high recorded in December. The Investec Purchasing Managers’ Index of activity in the services sector recently indicated a strong reading of 61.5 in January which far exceeded the 50 line that divides expansions in activity from contractions.
The results were the sector’s 18th straight month of growth and was only slightly lower than December’s 61.8 which was the highest reading since February 2007. It was also far above the euro zone average of 54, itself the strongest month the 18-member bloc has posted since the middle of 2011.
Speaking about the figures, Investec Ireland’s chief economist Philip O’Sullivan remarked “With order books and payrolls on the rise and the expectations component standing at its joint-highest level since October 2006, it is clear that the outlook for the services sector in Ireland remains very encouraging indeed.”