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The factory sector in Ireland worsened further in July, with companies cutting back production at a historically rapid pace, according to survey results released by S&P Global on Tuesday.
More positively, both input costs and output charges continued to be reduced last month, with the drop in input costs the quickest since April 2020, during the pandemic, S&P Global said.
The AIB manufacturing purchasing managers’ index declined to 47.0 points in July from 47.3 in June, remaining below the neutral 50-point mark and representing the sharpest decline since May 2020.
‘The ongoing contraction in Irish manufacturing activity is in line with the trend in most other economies, amid a global downturn in the sector, especially in Europe,’ noted AIB Chief Economist Oliver Mangan.
The PMI is compiled by S&P Global from the responses to surveys sent to 250 factory owners in Ireland. The responses are gathered in the second half of each month.
S&P Global will release its services industry survey for Ireland on Thursday.
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