Financial News: Irish Manufacturing Activity Contracts Most In 9 Months

Irish Manufacturing Activity Contracts Most In 9 Months

05/01/2024 - 02:32:00 (RTTNews)

(RTTNews) - Ireland's manufacturing downturn deepened in April amid a sustained reduction in output volumes and new orders, survey results from S&P Global showed on Wednesday.

The headline AIB Manufacturing Purchasing Managers' Index dropped to 47.6 in April from 49.6 in March. Any score below 50 indicates contraction in the sector.

Output fell at the steepest pace in six months in April, linked to sluggish demand conditions and a subsequent lack of incoming new work.

New orders fell sharply in April, which was more evident in the export market as foreign orders decreased at the quickest rate in eleven months. The weaker export demand was attributed to unfavourable business conditions in the UK and elsewhere across Europe.

As a result of subdued demand conditions, manufacturing employment stagnated in April after rising marginally in the previous three months.

There was a renewed downturn in supplier performance. Red Sea shipping delays were frequently mentioned by manufacturers who reported longer delivery wait times, particularly for raw materials obtained from Asia.

On the price front, input price inflation eased to a 3-month low in April, while goods producers increased their factory gate prices for the third month running.

"Looking ahead, firms remain somewhat positive on the outlook for the next 12 months, with the latest reading of the Business Expectations Index rising sharply from the 41-month low recorded in March," David McNamara, AIB Chief Economist, said.

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