Eurozone Increased By Irish Manufacturing
Presently, Irish manufacturing is at its peak since 15 years now, this was derived from the data presented by Markit, reporting the Purchasing Managers’ Index of Ireland.
Ireland ‘s purchasing managers index was increased to 57.5, in the month of February, resulting from the rise in manufacturing and in new orders. This PMI value is above 50, indicating growth and increase.
The aggregated Purchasing Managers’ Index for the whole of the Eurozone remained at the same point of 51.0 in the month of February.
France produced the least manufacturing purchasing managers’ index data amongst the Eurozone nations, with a value of 47.6.
General production in the eurozone for the month of February was the same with the value in January, however, new orders has increased high for seven months now. Notwithstanding, the reduction in oil price globally has lowered the cost of expenses incurred for manufacturing, Markit stated.
Manufacturing sector of Ireland has been increasing at a strong rate, but “any uncertainty ahead of the upcoming UK election – given that Ireland’s closest neighbour has repeatedly been identified by manufacturers as a key source of demand – is likely to put that to the test”. Philip O’Sullivan, chief of Investec, made this statement.
Markit reports also stated that the manufacturing sector of Ireland has created more employment opportunities and is now at its peak since May 1998. However, there was a little reduction in the manufacturing PMI data of other Eurozone countries like Austria, Greece, and France this February.
The manufacturing purchasing managers’ index (PMI) of France was reduced as a result of the negative impact the low rates of employment, new orders, and outputs had on it. Chris Williamson, the chief economist at Markit, commented about the performance of France saying – “France is the most worrying, not just because it trails behind all other countries, but it is also the only country seeing a steepening downturn”.
Image:”Flickr – europeanpeoplesparty – EPP Congress Bonn (346)” by European People’s Party – EPP Congress Bonn. Licensed under CC BY 2.0 via Wikimedia Commons.