DUBLIN, Jan. 2 (Xinhua) -- Ireland's manufacturing sector expanded at a record pace in the last month of 2017, according to the statistics released here on Tuesday.
The Investec Manufacturing Purchasing Managers' Index (PMI), a widely used index for measuring the manufacturing activities in Ireland, stood at 59.1 in December, a record high since the index was introduced in 1998.
The figure beat the previous record set in December 1999 and represented a one-percentage-point increase over November, said Philip O'Sullivan, chief economist with Investec, a leading specialist bank in Ireland, which compiles the index.
According to the data released by Investec, the Irish manufacturing sector has witnessed an expansion for at least 17 consecutive months after a month of contraction recorded around the middle of 2016.
In December, the Irish manufacturing output continued to rise sharply with the growth rate remaining unchanged from November's 39-month high.
New orders increased at a substantial pace in the final month of last year with the growth rate accelerating to the fastest since 1998.
The rapid expansion of the manufacturing sector and higher new orders led to a record high of employment growth rate in December.
However, higher demand for inputs and stock shortages at suppliers also resulted in a further lengthening of vendor delivery times. Suppliers's delivery times lengthened again in December with vendor performance deteriorating to the greatest extent in four months.
Confidence among local manufacturers improved in December, with more than 56 percent of the purchasing executives from around 285 industrial companies surveyed predicting a rise in output over the next 12 months, said O'Sullivan, adding that new products lines and expected rises in new orders were key factors supporting the optimism.
