The Investec Services Purchasing Managers’ Index (PMI) in Ireland fell to 57.4 from 59.5, its lowest level since March 2018.
As per the results of a survey released on Friday, growth in the Ireland’s services sector have dipped slightly from July’s five-month high; it however capped 6 continuous years of expansion in the European Union’s fastest-growing economy.
In June, the Investec Services Purchasing Managers’ Index (PMI) fell to 57.4 from 59.5, its lowest level since March 2018. Since August 2012, the PMI has remained above the 50 mark which indicates growth rather than economic contractions.
New export orders as well as new domestic orders were relatively steady despite overall growth being a tad slower with only the sub-index measuring business expectations showing signs of marked reversal, having fallen to 71.4 from 72.9, a month earlier.
On Wednesday, a survey indicated that factory activity in the country had expanded at a slightly slower pace in July.
“Taken together, this week’s PMI releases suggest that while the rate of growth in activity across much of Ireland’s private sector has slightly softened from the multi-month highs recorded in June, it remains substantial,” said Philip O’Sullivan, Investec Ireland’s chief economist.
“While the headline PMI has moderated to a four-month low, it is still consistent with a sharp rate of expansion in activity.”