Economy

Eurozone Factory Growth Strong Across All Countries

Eurozone Factory Growth Strong Across All Countries

"Our narrative for some time has been that the quickening in global growth [Ireland is one of the world's most open economies] will underpin continued expansion for the manufacturing sector here". The latest reading was well above the 50.0 no-change mark, indicating another month of strong growth within the sector.

India's manufacturing sector activity fell to a four-month low in February, as factory output and new business orders rose at a slower pace, according to a monthly survey.

The headline Nikkei Malaysia Manufacturing Purchasing Managers' Index (PMI) saw a slight drop to 49.9 in February from 50.5 in January, due to a reduction in new orders.

The combination of an improving manufacturing sector and rising cost pressures could add to expectations that Bank Indonesia will normalise monetary policy after undertaking aggressive easing a year ago. Backlogs of uncompleted orders continued to fall at a steady pace, suggesting higher inflows of new orders will be needed to sustain stronger employment growth. There was evidence of stock building in February as manufacturers raised their purchasing activity sharply, and pre-production inventories increased at the fastest pace for a year.

United Kingdom manufacturers' outlook also remained positive with almost 56 per cent of companies forecasting that output would be higher in one year's time, compared to six per cent expecting a decline.

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New export business increased for the twenty-second successive month in February, which was linked to improved sales in the USA, China, Europe, Brazil and East Asia.

"Staffing levels fell for the first time in five months during February and at the fastest rate in the survey history".

Although modest, output price inflation was the sharpest since February 2017, as the chart shows.

Indonesian manufacturers are meanwhile increasingly fighting higher input costs.

IHS Markit principal economist Bernard Aw said that while the influence of tax reforms was expected to fade in coming months, price pressures could become more entrenched on rising imported inflation, which will add to calls for the Bangko Sentral ng Pilipinas to raise interest rates.


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