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Irish services sector growth slips to 17-month low in August - PMI

·1-min read
People walk along a street in Dublin

DUBLIN (Reuters) - Growth in Ireland's services sector slowed to a 17-month low in August but remained stronger than in several major trading partners, a survey showed on Monday.

The AIB S&P Global Purchasing Managers' Index (PMI) for the sector slipped to 54.7 from 56.3 in July, remaining well above the 50 mark separating growth from contraction.

That marked a faster rate of expansion than reflected in the initial "flash" August services PMIs for the euro zone, Britain and the United States.

"Overall business confidence in services, though still quite positive, weakened somewhat from July reflecting concerns about rising inflation and a potential recession," AIB Chief Economist Oliver Mangan said.

New business growth, however, remained solid in all sectors monitored, he said.

Ireland's services sector index hit 63.4 in March, its highest so far this year, before inflationary pressures and increasing uncertainty linked to Russia's invasion of Ukraine interrupted a rapid recovery from COVID-19 lockdowns.

(Writing by Conor Humphries; Editing by Hugh Lawson)