Ireland's services sector maintained robust momentum at the close of 2024, spurred by a significant rise in new orders, according to data released by S&P Global on Monday.
The AIB Ireland Services Purchasing Managers' Index experienced a slight decrease, registering at 57.1 in December compared to 58.3 in October. Nevertheless, any figure over 50 indicates sector expansion.
Within the four sub-sectors evaluated, transport, tourism, and leisure showed accelerated growth compared to November, while the other sectors continued to expand, albeit at a more moderate pace.
December witnessed the fastest growth in new orders seen in nine months, leading to a marked increase in overall activity. International orders also grew at their quickest rate in over eighteen months, significantly boosting services exports, particularly in business services.
Service providers maintained a positive outlook on future output, driven by improved market conditions and emerging business opportunities.
Reflecting this rise in new business and strengthening confidence, job creation accelerated to its highest rate in four months, most notably in sectors like technology, media, and telecommunications.
On the pricing front, input price inflation hit a seven-month peak, driven by increased wage costs, while selling price inflation also increased from November's recent trough.
The composite output index dipped to 52.1 in December from 55.2 in the previous month, pointing to an ongoing, though decelerated, expansion within the Irish private sector.
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