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Irish Service Sector Growth Slows In April – PMI

By Reuters
Irish Service Sector Growth Slows In April – PMI

Activity in the Irish services sector expanded in April despite a slowdown in new business and job creation in the Technology, Media and Telecoms (TMT) sector.

The news comes after it was reported that the Irish manufacturing sector contracted in April.

The AIB S&P Global Purchasing Managers’ Index (PMI) was 53.3 in April, it was reported on Friday.

This was down from its eight-month high of 56.6 in March, indicating the slowest rate of growth since January.

The index has not fallen below the 50 mark that separates growth from contraction for three years and two months.

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AIB’s chief economist David McNamara said that while Irish firms continued to report rising levels of new business, there was a notable decline in new business in the TMT sector.

This dragged the TMT business index to its weakest rate of growth in over three years.

McNamara said, “Employment continued to rise in the services sector overall and across all four sectors, but the pace of job creation decelerated in April, particularly in the TMT sector.”

The other sectors covered by the survey are Financial Services, Business Services and Transport, and Tourism and Leisure.

Financial Services posted the fastest growth of the four sectors for the fifth month in a row.

Read More: Irish Service Sector Growth Hits Eight-Month High In March

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