Ireland's Services Sector: A Strong Comeback in November

November's Performance

Ireland's services sector experienced a significant surge in November, reaching its highest point in over three years. The growth was driven by increased business activity and new orders.

Key Metrics

• AIB Ireland Services Business Activity Index: Rose to 58.5 from 56.7 in October.
• Index Insight: Any number over 50 indicates sector growth.

Leading Sectors

• Financial Services: Led the growth.
• Technology, Media, and Telecoms: Performed well.
• Transport, Tourism, and Leisure: Saw a boost for the first time since February.

New Business Orders

• Growth: Four consecutive months of growth.
• Highest Point: Since April 2022.
• Exports: All four subsectors showed gains for the first time since January.

Employment and Costs

• Employment: Grew at the fastest rate since March, despite job cuts in tech, media, and telecoms.
• Input Costs: Remain high but have eased since September.
• Charges: Service providers increased charges to pass on higher costs.

Future Outlook

• Optimism: Businesses are feeling more optimistic.
• Expectations: Highest since February.
• Plans: Increased demand and investments expected.