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Ireland Services Growth Improves On Stronger Demand


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Ireland’s service sector growth picked up some pace in December as business activity logged a renewed rise amid better demand conditions, the latest purchasing managers’ survey by S&P Global showed on Thursday.

The AIB services Purchasing Managers’ Index rose to 52.7 in December from 50.8 in November. A reading above 50.0 indicates expansion.

Increased activity was driven by the faster expansion of new businesses. Demand growth quickened over the month for only the second time in ten months, underpinned by technology, media, telecoms, and business services.

Service providers continued to add workforce numbers in December, and the rate of job creation was solid overall, but the weakest this year.?

On the price front, input price inflation was the weakest since January, albeit still strong due to higher utility and labour costs. Output prices also increased at the softest pace in four months.

Firms’ expectations for activity have improved since November but remain weak in the context of historical survey data due to fears about a potential recession, the energy crisis, and high inflation.

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