Services sector sees best growth in six years

Ireland’s services sector had its strongest rate of expansion in six years, last month, according to new figures.

The latest monthly services purchasing managers’ index, from Investec Ireland, shows a reading of 57.6 points for July — well ahead of the neutral 50 point mark, which divides a sector in decline from one in growth mode, and significantly up on the 54.9 point reading for June.

Strong increases in overall new business levels and new export business helped drive July to a 12th consecutive month of growth within services.