DAVY VIEW

This morning’s Irish manufacturing PMI has increased to 57.3 in July, signalling a sharper recovery than in other European countries. The PMI readings mirror the resilience of official industrial production data for Ireland (up 9.3% year-on-year in the three months to May). That industrial output was still registering positive annual growth reflects the pharmaceutical sector, benefitting from COVID-19, but with more disruption among indigenous firms.