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Irish manufacturing marks huge growth

Dublin - Irish manufacturing activity increased for the 18th month in a row in November as exporters saw new orders flood in at the fastest rate in almost four years, a survey showed on Monday.

Ireland last year became the first bailed-out euro zone country to exit its international assistance programme.

The government is forecasting growth of almost 5% this year, which would likely make it the best-performing economy in the 18-member bloc.

The Investec Manufacturing Purchasing Managers' Index stood at 56.2 in November, down from 56.6 a month earlier but comfortably above the 50 mark that indicates growth and not far short of the 15-year high of 57.3 in August.

Sterling strength

While growth in new orders slowed for the third successive month after August's peak, the sub-index measuring new export orders jumped to 59.3 from 54.8 in October to mark its highest reading since February 2011.

Investec Ireland chief economist Philip O'Sullivan said: "This is a very welcome result given the softer trends emanating from the eurozone of late - with respondents crediting higher demand from the UK, helped by sterling strength - and Asia for this period.

"Another sign of confidence is the employment index, which reveals a further sharp rise in hiring last month. More than twice as many firms are adding to headcounts than are cutting staffing levels."


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