General Industry News 

Irish economy set for 11% growth surge as restrictions ease, ESRI says 

The Irish Times – 24.06.2021 

The Irish economy will rebound dramatically this year – growing by 11 per cent – on the back of stronger exports and a resurgence in consumer spending and investment linked to the easing of restrictions, the Economic and Social Research Institute (ESRI) has said.  This is the highest rate of growth ever forecast by the ESRI and more than double what the Government is forecasting. The think tank, however, warned that the pandemic would still have a scarring effect on the economy in terms of higher unemployment and fewer homes being built. The latter is likely to “exacerbate” existing supply pressures in the housing market, it said. It suggested growth this year and next would be driven by a combination of stronger exports, particularly from the multinational sector, and a rebound in consumption and investment linked to the easing of restrictions. 

Manufacturing sector grows 

Business Post – 02.06.2021 

AIB said its Purchasing Managers’ Index (PMI), a monthly measure of manufacturing activity in the state, jumped to 64.1 in the month of May, up from 60.8 in April. This constituted a record high since the survey began in 1998. For the PMI, any figure greater than 50 indicates overall improvement of the sector. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. “Output rose at a record pace, driven by rebounding demand, with record growth in new orders as businesses re-open, both domestically and in overseas markets,” Oliver Mangan, Chief Economist at AIB, said. “As a result, backlogs of unfilled orders also rose at a record pace, while inventories of finished goods fell.”