Irish manufacturing growth ends 2017 at record high - PMI

Irish manufacturing growth ends 2017 at record high - PMI

This is for the fifth consecutive month that the index has come in above 50-point mark that separates expansion from contraction.

The index in December is on par with the annual average, pointing to a strong resilience in China's growth, according to NBS senior statistician Zhao Qinghe.

New orders placed at Indian manufacturers rose for the second month in succession during December.

Meanwhile, the sub-index of supplier deliveries declined 0.2 points month on month to 49.3, showing a slower delivery by raw material suppliers. This was consistent with the strongest improvement in the health of the sector since December 2012. Reflecting greater cost pressures, firms raised their output charges for the fifth month in succession.

The performance was driven by a growth in new orders, with December's level of production the strongest in the current 17 month sequence of growth, and third-fastest in the Investec Manufacturing PMI Ireland surveys history.

The Spanish economy grew 0.8 per cent in the fourth quarter from a quarter earlier, The Bank of Spain said on December 27, pointing to 2017 growth of more than 3 per cent.

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Chinese steelmakers in 28 cities have been ordered to curb output between mid-November and mid-March, while a campaign to promote cleaner energy by converting coal to natural gas has also hampered manufacturing activity in some cities, leading to shortages and sending prices spiking.

"The sector therefore is in good shape heading into 2018", he added.

"Growth remains remarkably robust, underpinned by resurgent global demand, stimulus-boosted infrastructure spending, and a deleveraging program that remains more honored in the breach than the observance".

The research indicates stronger customer demand has led to employment growth surging to a record high, while purchase quantity accelerated to the joint-fastest since February 2011.

Bloomberg Economics expects a moderate slowdown of China's factory activity in 2018 as tailwinds from exports and infrastructure blow less strongly, and headwinds from deleveraging increase.

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