Market comment - Ireland’s manufacturing PMI falls to 48.7 in November

Davy Research
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The Irish manufacturing PMI has fallen to 48.7 in November, down from 51.4 in October. Ireland’s manufacturing reading now points to contraction and is closer to both the euro area (47.3) and UK (46.2) readings, which have been below the 50 no-change level for several months. This poses a risk to our forecast that Ireland’s resilient export sector will keep GDP growth in positive territory in 2023. That said, traditional manufacturing output in the three months to September was up 18.4% year-on-year (yoy), showing little sign of the slowdown signalled by the PMI survey.