- Output growth remains strong in May, having rebounded in April
- Marked expansions recorded across all three monitored sectors
- Consumer spending growth also rebounds from March slowdown
Underlying growth in the Irish economy remains strong so far during the second quarter of the year. April and May saw output growth rebound following a weather-related slowdown during March. The picture in Ireland contrasts with that seen at the eurozone level, where the rate of expansion has eased markedly since the first quarter of the year.
Output growth rebounds since March
The all-sector PMI (covering data for the manufacturing, services and construction sectors) was unchanged at 57.7 in May, having signalled the fastest increase in output for three months in April. The rate of expansion in business activity was sharp, signalling strong growth momentum during the second quarter.
The latest data represent a marked rebound from March, when output growth had eased to the weakest since June 2013 as Storm Emma brought heavy snow disruption to the country. Despite the slowdown at the end of Q1, GDP data for the first quarter should still signal a solid expansion, with a pick-up likely during Q2.
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