The survey confirmed a “marked pick-up in growth” across the services economy in May as the loosening of lockdown restrictions led to the release of pent-up demand. The jump was in line with the first indicators for services PMIs across the euro zone, UK and United States. “The May data signalled surging demand in the Irish economy, with new business increasing at its fastest pace since early 2017,” said AIB chief economist Oliver Mangan. However, these price increases are being implemented at a more moderate pace, “pointing to a continuing margin squeeze in the sector”. Companies were optimistic about the next 12 months, with overall sentiment being the brightest recorded by the survey since September 2017.

Source: The Irish Times June 03, 2021 03:45 UTC