Ireland Services Growth Slows In March

(RTTNews) - Ireland's service sector growth slowed in March amid moderation in rates of increase in activity and new business, survey data published by S&P Global showed on Wednesday.

The AIB Ireland services Purchasing Managers' Index, or PMI, fell to 55.7 in March from 58.2 in February.

A reading above 50 suggests growth in the sector.

"March saw a strong expansion in activity and good growth in new business, especially from abroad, for the four sectors covered in the survey," Oliver Mangan, AIB Chief Economist, said.

"Most notably, the Transport/Tourism/Leisure sector returned to expansion territory for the first time since August, helped in particular by a strong rise in new business."

Business sentiment hit a three-month low and inflationary pressures remained elevated.

The AIB Ireland composite Purchasing Managers' Index dropped to 52.8 in March from 54.5 in February. However, a reading above 50.0 indicates expansion.