Ireland's Services PMI Rises In December

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Ireland's NCB services purchasing managers' index or PMI rose to 48.3 in December from 46.8 in November, the Markit Economics said on Wednesday.

A PMI reading above 50 indicates expansion in the sector and below 50 suggests contraction.

The service providers activity decreased in December, but the rate of contraction decelerated to its weakest since February 2008, the Markit said. Irish services companies remained optimistic that activity will be higher in twelve months' time.

New orders dropped at a slower pace in December, while new export orders increased to its strongest since October 2007.

Brian Devine, economist at NCB Stockbrokers said, "The services sector contracted once again in December but the pace of decline continues to moderate."

"While global recovery is leading Ireland out of recession we would expect that by the end of Q1 both GDP and GNP will have expanded." he added.

Ireland's NCB services purchasing managers' index or PMI rose to 48.3 in December from 46.8 in November, the Markit Economics said on Wednesday. (Market News Provided by RTTNews)