Dublin’s business activity rises at fastest pace since 2015

Business activity rebounded in Dublin in the second quarter, rising at the fastest pace since the final months of 2015 as Covid-19 restrictions eased and the economy was kickstarted.

According to the latest IHS Markit Dublin Purchasing Managers Index (PMI) survey, the headline reading jumped to 60.2 in in the second quarter from 40.4 in in the first three months of the year.

Manufacturing led the way in terms of growth, but activity rose in all three monitored sectors.

Outside Dublin, output rose at a slightly stronger pace.

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New orders expanded at their steepest rate for six years in the second quarter, putting an end to five quarters of decline and fuelling optimism for the future.

The reopening of the economy also led to an increase in staffing levels around the country. Companies in Dublin increased employee numbers for the second quarter in a row, while the rate of job creation was at its fastest since the first quarter of 2019. Outside of Dublin, the rate of growth was more marked.

"The loosening of Covid-19 restrictions helped to breathe life back into the Dublin economy over the course of the second quarter, with the recovery from the pandemic now underway in earnest," said Andrew Harker, Economics Director at IHS Markit. "Companies in the capital, and across the rest of Ireland, will be hoping that this trend continues and that sustained growth can be secured over the rest of 2021 and into next year."