Ireland’s Manufacturing Growth Rose to an 18-year high

The manufacturing sector reached an 18-year high in November, according to the reports on Friday. Results from the survey show new orders at housing amid Brexit negotiation which could initiate a slowdown in the neighboring country of Britain.

Ireland is known to be one of the countries associated with Britain in deciding to leave the EU. Although, Dublin increased its economic growth forecasts for 2017 and 2018 after the low impact of the Brexit process.

The strong wave of the Investec Purchasing Managers’ index will most likely persist as it rose to 58.1 in November, which is the highest level achieved since December 1999, from 54.4 in October. It maintained its growth higher than the 50 mark following a decline for more than four years.

The sentiment of manufacturing businesses in the country remains positive with only 16 members anticipating easing in production in a year, stated by Investec Ireland chief economist Philip O‘Sullivan.

The expansion of the new business sub-index was the fastest since the end of 1999 and one of the steepest in the survey’s history, the survey’s authors said. He supported the idea that investors should feel confident over this since the International Monetary Fund’s forecasted an increase of 3.7 percent, which is the seventh year high and being an open economy. The labor sector has higher employment in the past 14 months since there is a high demand for consumer and investment goods.