DUBLIN (dpa-AFX) - Ireland's service sector growth improved to the strongest level on record in February, survey data from IHS Markit showed on Thursday.
The AIB Ireland services Purchasing Managers' Index rose to 61.8 in February from 56.2 in January. Any reading above 50.0 indicates expansion in the sector.
'The AIB Irish Services PMI picked up strongly in February as the recovery from the pandemic gained momentum following the lifting of COVID restrictions the previous month and the Omicron variant retreated,' Oliver Mangan, AIB chief economist, said.
Demand for services increased at the fastest pace since the series began in 2000, and new work increased in February.
New business placed greater pressure on operating capacity and outstanding work rose at the fastest rate in over twenty-one years. Employment increased at the fastest rate in four months.
Input price inflation rose for the first time in four months in February to the highest in twenty-one years. Service providers' charges increased at the fastest rate since October 2000.
The composite output index, covering manufacturing and services, rose to 59.1 in February from 56.1 in January. This was the fastest since November last year.
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