Ireland's manufacturing growth at three-month high in April: Investec

Ireland's manufacturing sector rose at a three-month high in April, according to a survey published on Tuesday.

The latest manufacturing purchasing managers' index (PMI), compiled by financial group Investec, showed a bright start to the second quarter for the sector, with the headline PMI rising to 55 from 53.6 in March.

This outturn was driven by improved market conditions both at home and abroad, Investec said.

Investec is a leading international, specialist-banking group with headquarters in Johannesburg, South Africa.

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

"The health of the Irish manufacturing sector improved markedly during April, helped by stronger expansions in output, new orders and employment," Investec said.

"Firms noted particular success in export markets over the month," it said.

Investec said Ireland saw a sharp and accelerated increase in new orders from abroad, rising at the fastest pace in 21 months.

"This strength in export markets, and growth in new orders in general, encouraged manufacturers to increase their production during April. Output rose for the ninth month running, and at the fastest pace since January," it said.

Amid expectations of further growth in new export orders, Investec Ireland chief economist Philip O'Sullivan remained optimistic about Ireland's manufacturing growth.

"In any event, we reiterate our view that the outlook for Irish manufacturing firms remains positive, supported by the improving international backdrop," he said. Endit