Factory output falls on Brexit

Growth in Irish manufacturing shuddered to a halt last month, in the clearest evidence to date that the drop in sterling following the decision of the UK to quit the EU is adversely affecting the economy here.

The Investec Ireland survey of Irish purchasing managers — the people who have to react first to any signs of worsening order books — posted a reading of 50.2 last month, down from 53 in June.

With any reading below 50 signalling that manufacturing industry is contracting, July’s reading shows that Irish factories were, at best, treading water.