Services sector at seven year high

Rising demand and increased confidence has driven growth in the services sector to its highest level in seven years, according to the Investec services purchasing manager index (PMI).

For the 17th consecutive month the PMI rose, reaching the highest level since 2007 in December when the PMI recorded 61.8 with any figure above 50 indicating growth.

Chief economist with Investec Ireland, Philip O’Sullivan, said that the growth of new business meant that firms in the services sector were right to be confident as their order books fill.