The AIB Ireland Services PMI tumbled to 45.8 in September 2020 from 52.4 in August. The latest figure signaled a sharp decline in output by the survey's historical standards, albeit one much less severe than those registered from March through June. New business contracted at the fastest rate since June, amid rising virus cases and economic uncertainty. Meantime, a combination of weakening demand and higher labor costs linked to the end of the temporary COVID-19 wage subsidy scheme (TWSS) led the rate of job shedding to level off, following a four-month period of slowing cuts. On the price front, input costs rose for the third month running while selling prices increased for the first time in seven months, albeit only slightly. Finally, business sentiment slipped for the third successive month following June's rebound.
Services PMI in Ireland averaged 56.29 points from 2011 until 2020, reaching an all time high of 64 points in January of 2016 and a record low of 13.90 points in April of 2020. This page provides the latest reported value for - Ireland Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ireland Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Markit Economics
Services PMI in Ireland is expected to be 50.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Ireland to stand at 52.80 in 12 months time. In the long-term, the Ireland Services PMI is projected to trend around 52.00 points in 2021 and 54.00 points in 2022, according to our econometric models.