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Poland Manufacturing Growth Strongest In 9 Months

Poland Manufacturing Growth Strongest In 9 Months

"The IMF's latest projections show global economic growth accelerating to a seven year high of 3.7pc in 2018, so given the extent to which the Irish economy is leveraged to worldwide developments we believe that manufacturers here are right to feel confident about the future", Mr O'Sullivan said. "Underlying data indicated that the central bank is less likely to adopt an accommodative stance as input cost inflation intensified to the fastest since April", the report said.

November's Nikkei/IHS Markit Manufacturing Purchasing Managers' Index rose to 52.6 from 50.3 in October, above all forecasts in a Reuters poll which had predicted a more modest rise to 51.0.

Output and new orders both rose only modestly leading to a fall in employment and a reduction in business confidence.

Anecdotal evidence suggested that strong economic conditions, promotional activities and greater client demand had continued to sustain order book growth.

New export orders increased for the first time in three months, though marginally.

Additional manpower enabled companies to adjust to increased workloads, resulting in a further decline in backlogs.

Official figures on British manufacturing, which painted a gloomier view than the PMI surveys for much of this year, have also now started to show improvement.

There were signs, however, that inflationary pressures remained strong.

In order to help reduce the burden and confusion of the new nationwide tax on businesses, the government moved most goods which had attracted the highest rate to a band lower.

To protect profit margins, firms raised selling prices to pass on higher costs to their customers.

"A major driver of higher output has been solid domestic demand", said Bernard Aw, principal economist at IHS Markit, which compiles the survey.