Economy

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16. Irish manufacturing shrinks at fastest rate in 19 months

Wed May 1, 2013, 08:22 AM

May 2013

http://www.irishtimes.com/business/sectors/manufacturing/irish-manufacturing-shrinks-at-fastest-rate-in-19-months-1.1378813

Irish manufacturing shrank at its fastest rate in 19 months in April as sluggish orders both at home and from abroad led to the sharpest contraction in output since August 2009, a survey has shown.

The NCB Manufacturing Purchasing Managers’ Index, which fell below the 50 line dividing growth from contraction for the first time in more than a year in March, dropped further to 48.0 in April from 48.6 in the previous month.

The poor PMI data adds to the less positive tone of recent data releases as the recession hitting much of the rest of Europe eats into export growth and a still-struggling domestic economy hurts retail sales.

“On the evidence of today’s report, Q2 has gotten off to an uninspiring start for the Irish manufacturing sector,” said Philip O’Sullivan, chief economist at NCB Stockbrokers.

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