Ireland’s service sector falls to 52.3

Ireland’s service sector falls to 52.3According to the new data released, the service sector of Ireland has slowed slightly to 52.3 during the month of March but continued to expand amid a slowdown in other European countries.

The NCB Purchasing Managers' Index (PMI) of services sector activity fell to 52.3 in March from 53.6 in February. A rating of more than 50 shows expansion while a rating of below 50 shows contraction.

The expansion shows that the export-driven Irish economy, which received a bailout earlier, is beginning to show signs of recovery as international markets improve.

Ireland has emerged as the only nation in the Eurozone that has received a bailout aid package from the group that is recording growth and also has a current account surplus indicating that the country might be able to revive its economy soon in the coming years. The GDP of the country increased 3.4 per cent during 2012 but recorded a fall of 0.4 per cent during the fourth quarter of the year. The growth was boosted by strong exports while the imports largely remained unchanged from the previous year. The overall net exports form the country increased 4.4billion over the previous year.

Meanwhile, the total unemployment rate for Ireland touched 14.2 per cent during the month of February.