Dublin’s private sector ended 2024 in “buoyant fashion” with output growth at its strongest for a year-and-a-half, according to a report from S&P Global.
The report, which is a pulse-taking exercise of businesses, shows activity in Dublin’s private sector continued to expand in the last quarter of 2024, with the rate of growth accelerating at its fastest rate since the middle of 2023.
The headline PMI rate stood at 54.7, up from 52.8 in the previous quarter, and higher than the 51.9 level seen a year earlier.
Activity in the services and construction sectors, continued to drive growth in the capital with both growing quicker than in the previous quarter.
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While manufacturing production increased, it did so at a softer rate than the previous quarter.
In the rest of Ireland, the services sector led growth while manufacturing and construction contracted slightly, according to the report.
The new orders index remained in “steady expansion mode”, the report said. It was at the same level as the previous quarter and “considerably better” than the previous year’s level.
New business increased more quickly in Dublin than in the rest of Ireland, but “one slight concern” highlighted was the pace of job creation, which slowed to its weakest level in four years in Dublin.
S&P Global Market Intelligence economics director Andrew Harker said: “The expansion was broad based in terms of sectors, but particularly strong in the services and construction categories.
“One word of caution is provided by employment rising only marginally despite the strong increases in new orders and business activity. If growth is to be sustained at an elevated level, firms will need to be able to access sufficiently skilled candidates to expand capacity and support customer needs.”
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