Irish manufacturing grows robustly again in Sept - PMI
DUBLIN, Oct 1 (Reuters) - Irish manufacturing activity expanded solidly in September, a survey showed on Wednesday, as firms stocked up on inventories in anticipation of a further rise in new orders in the coming months.
Ireland's economy is set to grow almost 5 percent this year, far more than much of the struggling euro zone. In the second quarter alone it expanded by 7.7 percent year-on-year.
The Investec Manufacturing Purchasing Managers' Index fell to 55.7 in from August's 15-year high of 57.3 but stayed far above the 50 line denoting growth.
"While the headline PMI moderated, it nonetheless signifies a solid rate of expansion. This robust order growth has had a clear impact on manufacturers' purchasing activity," said Investec Ireland chief economist Philip O'Sullivan.
Manufacturing accounts for about a quarter of Irish gross domestic product, according to World Bank figures. September's data represented the 16th straight month of growth.
The sub-index measuring stocks of purchases accumulated by manufacturers in the month rose to 52.4 from 49.6 in August, a sign of confidence that the sector is set to grow more.
(Reporting by Padraic Halpin; Editing by Hugh Lawson)
