More Gloomy News For Ireland After Brexit Vote – Business Insurance
The Services Sector expect to be particularly badlly hit in the wake of the Brexit Vote. Anything from tourism to telecommunications.
Ireland is Europe’s fastest-growing economy and will probably have most to lose from the decision of the UK to leave the EU.
One indicator, The Investec Purchasing Managers’ Index (PMI) which measures activity in services fell slightly to 61.2 in June, from 61.7 in May, although the result was taken prior to the vote.
But another parallel index showing business expectations fell more to 68.4 from 77.0, the lowest since August 2013 when Ireland was coming towards the end of a three-year international bailout programme.
The Irish economy is forecast to be the fastest growing in Europe for the third year in a row. In 2016 at the forecast was fo 4.9%, but the Government has already cut its forecast for 2017 to around 3.4% from 3.9% with a warning that a bad settlement for he UK would also be bad for Ireland.