In a welcome boost for Ireland's economic outlook, the AIB Ireland Manufacturing Purchasing Managers' Index (PMI) has registered an increase, climbing from 49.4 in September 2024 to 51.5 in October 2024. This latest data, released on November 1st, signifies a return to positive growth for the Irish manufacturing sector, marking a noteworthy shift into expansion territory.
The PMI, which provides a composite single-figure indicator of manufacturing performance, surpassing the neutral 50.0 mark indicates growth. Ireland's move from contraction (below 50.0) to expansion is an encouraging sign for stakeholders and policymakers keen on sustaining economic momentum going forward.
This rise in the PMI suggests heightened demand, increased production levels, and a more robust manufacturing environment, potentially signaling improved conditions for businesses operating within the sector. As Ireland continues to navigate the broader economic landscape, this upward trend in manufacturing output is a promising indicator of recovery and resilience.