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Irish manufacturing grows at fast rate

Tuesday, April 01 07:12:22

Irish manufacturing activity grew at the fastest rate in nearly three years in March as the economy gains steam after completing an international bailout in late 2013, a survey showed today.

The Investec Manufacturing Purchasing Managers' Index nudged up to 55.5 in March from 52.9 in February, hitting its highest since April 2011, and holding above the 50 line dividing growth in activity from contractions for the 10th straight month.

The PMI sub-index measuring employment slipped to 54.6 from 54.9 in February, but also marked its 10th straight month of growth.

Manufacturing accounts for about a quarter of Irish gross domestic product, according to World Bank figures.

- Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. ( C ) Reuters