Services sector sees 'subdued' levels of growth

New business and total activity increased at weakest rates in just over a year

Technology, media, and telecoms was the fastest growing services sub-sector during February. 

The Irish services sector saw a “subdued” level of growth during February, with both new business and total activity increasing at the weakest rates in just over a year, the latest AIB Purchasing Managers Index shows.

The PMI reading for the services sector stood at 53.2 during February — a slight decline from the 53.4 recorded in January. AIB said this signalled “solid but slower growth”. The reading is calculated based on the volume of business activity in the sector compared with one month previously. The index varies between 0 and 100. with any reading above 50 indicating growth.