Irish Services Index Buoyed By Heatwave

By Publications Checkout
Irish Services Index Buoyed By Heatwave

July saw the sharpest rate of expansion in the Irish services sector in the past six years, boosted by the unseasonable spell of hot weather.

The Irish services sector posted growth for the 12th successive month, as the Investec Services purchasing managers index experienced its sharpest rate of expansion since April 2007.

The travel, transport and leisure sub-sector showed the fastest increase in activity since June 2011, helping to boost gains, while the new business component rose at its fastest pace since March 2007.

“The latest Investec Services PMI provides a very encouraging update on operating conditions in the Irish services sector. Respondents cited the recent heat wave in Ireland as a factor behind the latest improvement,” said Investec chief economist Philip O’Sullivan.

The results are derived from a panel of around 600 Irish private-sector service companies, which are divided into several sub-categories.