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Ireland's manufacturing sector witnesses continued strength in October

Xinhua, November 3, 2015 Adjust font size:

Ireland's manufacturing sector witnessed steady business conditions in October, according to a survey published on Monday.

The manufacturing purchasing managers' index (PMI), compiled by financial group Investec, was little changed last month, coming in at 53.6 versus September's 53.8 reading.

The manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 285 industrial companies.

The sector has now recorded 29 successive months of expansion, according to Investec.

Investec is a leading international banking group headquartered in Johannesburg, South Africa.

Philip O'Sullivan, chief economist at Investec Ireland, said the country's manufacturing firms remained positive on the outlook, but perhaps not as much as they did earlier in the year when the prospects for the global economy seemed stronger.

"In any event, given the location of where most of the country's exports go and the recent pullback in the value of the euro, our view is that Ireland should be more insulated from the international headwinds than most," he said. Endit