The AIB Ireland Services PMI dropped to 50.8 in November 2022 from 53.2 in the previous month. It was the 21st month of successive expansion in the sector, but the weakest growth in the current sequence and below the 22-year long-run trend level of 55.1 for the fourth straight month, due to economic uncertainty and high inflation. New business growth eased to a 21-month low, with both business services and transport, tourism, and leisure posting outright contractions in new work. The rate of growth in new export business also slowed sharply. This saw a marked easing of capacity pressures, with backlogs of outstanding business rising at the slowest pace in 21 months. Meanwhile, the rate of job creation eased to the weakest in 2022 so far. On the pricing front, input cost inflation accelerated slightly, while output cost inflation slowed to a three-month low. Finally, business sentiment weakened, amid recession fears, the energy crisis and rising living costs. source: Markit Economics
Services PMI in Ireland averaged 56.25 points from 2011 until 2022, reaching an all time high of 66.60 points in July of 2021 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 December of 2022.
Services PMI in Ireland is expected to be 54.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ireland Services PMI is projected to trend around 53.40 points in 2023, according to our econometric models.