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Irish manufacturing growth slows a touch in April -PMI

Reuters - UK Focus

DUBLIN, May 1 (Reuters) - Irish manufacturing expanded for the 23rd successive month in April, albeit at a slightly slower rate than in the previous two months as growth in orders from abroad hit a six-month low, a survey showed on Friday.

The Investec Manufacturing Purchasing Managers' Index, which posted its fastest growth in 15 years in February, fell to 55.8 in April from 56.8 in March. It has been above the 50 mark denoting growth since May 2013.

Ireland (Other OTC: IRLD - news) nudged up its growth forecasts for 2015 and 2016 on Tuesday, setting it up to remain the fastest-growing economy in the European Union.

The PMI (Other OTC: PMIR - news) sub-index measuring new export orders slipped to 56.3, its lowest since October 2014 and from 57.9 a month earlier. Irish exports, which jumped more than 12 percent in 2014, are set to grow by 7.6 percent by value this year, the Department of Finance said in its updated forecasts.

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Investec Ireland chief economist, Philip O'Sullivan, said he was not particularly surprised by the slight moderation in April given growth across the euro zone - an export market for over a third of Irish manufacturers - was a touch lower than in March.

"Looking ahead, while manufacturing firms based in Ireland are clearly upbeat on their prospects - as evidenced by rising headcounts and purchasing activity - we are a little cautious ahead of next week's UK general election," O'Sullivan said.

"If the outcome of that were to put sterling under pressure relative to the euro this will be unhelpful for the sector, as 16 percent of Irish merchandise exports go to the UK."

Detailed PMI data are only available under licence from Markit (NasdaqGS: MRKT - news) and customers need to apply to Markit for a licence.

To subscribe to the full data, click on the link below: http://www.markit.com/Contact-Us

For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com (Reporting by Padraic Halpin; Editing by Susan Fenton)