One hell of an awesome chart, folks:
Clearly shows the strong, sustained break-out in Irish manufacturing PMI which started around April 2012, ending the period of sub-50 average readings between June 2011 and March 2012. And this amidst a massive slowdown in global trade and euro area economies.
Clearly shows the strong, sustained break-out in Irish manufacturing PMI which started around April 2012, ending the period of sub-50 average readings between June 2011 and March 2012. And this amidst a massive slowdown in global trade and euro area economies.
@Constantin
ReplyDeleteOne can only deduce that the most important real driver behind this improvement is a weaker Euro. Given that Ireland has a significantly higher proportion of its trade to non Euro countries than it European counterparts we benefit most on a relative basis on a devaluation which we've witnessed over the past 6 months. Imagine if we were back in Irish pound mode !