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News : Irish Economy Last Updated: Feb 20, 2015 - 9:36 AM


Irish services activity rose 4.1% in 2014; PMI increased in January 2015
By Michael Hennigan, Finfacts founder and editor
Feb 4, 2015 - 7:18 AM

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Official data based on a panel of 2,100 firms show that the seasonally adjusted monthly services value index increased by 2.1% in December 2014 when compared with November 2014 while, in the year to December 2014, there was an increase of 4.1%. the PMI (purchasing managers' index) survey which is based on a panel of 450 firms and includes financial services, rose in January 2015 but at a slower rate than in December.

Ireland's biggest services forms are companies such as Google and Microsoft, which divert 40 and 25% respectively of their global revenues to Ireland.

The CSO (Central Statistics Office) said that on a monthly basis, Professional, Scientific and Technical Activities (+7.0%), Wholesale and Retail Trade (+2.7%), Transportation and Storage (+2.2%), Other Service Activities (+1.8%) and Information and Communication (+1.3%) increased when compared with November 2014 and Administrative and Support Service Activities (-0.8%) and Accommodation and Food Service Activities (-0.5%) decreased in the month to December 2014.

On an annual basis, Other Service Activities (+23.6%), Transportation and Storage, (+18.8%), Accommodation and Food Service Activities (+12.8%), Professional, Scientific and Technical Activities (+11.8%), and Wholesale and Retail Trade (+3.8%) increased when compared with December 2013.

Information and Communication (-4.8%), Administrative and Support Service Activities (-4.4%) showed a fall in 2014.

Markit said on the PMI survey that new orders have been rising in the sector throughout the past two-and-a-half years, and the latest expansion was substantial amid reports of strengthening market conditions.

"That said, the rate of growth in January was the slowest since last August. New export orders rose sharply again in January, with companies highlighting the UK and US as the main sources of new work."

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