AIB Manufacturing PMI: Ireland’s Factory Activity Accelerates in February
The latest AIB Manufacturing PMI print for Ireland shows a notable uptick, reflecting improved conditions across the sector. February’s reading marks the highest level since December and outpaces both the prior month and consensus estimates.
Table of Contents
Big-Picture Snapshot
Drivers this month
- Output +0.5pp
- New orders +0.4pp
- Employment +0.2pp
- Supplier delivery times -0.1pp
Policy pulse
February’s PMI at 53.1 stands above the 50.0 threshold, indicating expansion. The reading is well above the ECB’s neutral line for manufacturing activity.
Market lens
Irish equities and EUR/USD saw modest gains after the release. The upside surprise relative to January’s 52.2 and the consensus of 52.4[1] reinforced confidence in Ireland’s industrial outlook. Market participants interpreted the data as a sign of resilience amid broader European manufacturing headwinds.Foundational Indicators
Drivers this month
- Backlogs of work +0.3pp
- Stocks of purchases +0.1pp
- Input prices +0.2pp
Policy pulse
The PMI’s move to 53.1 in February from 52.2 in January marks the largest MoM increase since December’s 52.8. The 12-month average stands at 52.4, underscoring February’s outperformance.
Market lens
Bond yields edged higher as investors weighed the implications for inflation and ECB policy. The sustained expansion in manufacturing activity, coupled with rising input prices, prompted some market participants to reassess the pace of potential monetary easing.Chart Dynamics
Forward Outlook
Drivers this month
- Export orders +0.3pp
- Finished goods stocks -0.2pp
- Input costs +0.2pp
Policy pulse
With the PMI holding above 53, the sector remains in expansionary territory. The ECB’s policy stance remains data-dependent, but Ireland’s outperformance may influence regional sentiment.
Market lens
Analysts see upside risk to Irish GDP forecasts if the trend persists. Bullish scenario: PMI sustains above 53.0 (35% probability), supporting robust output growth. Base case: index moderates to the 52.0–52.5 range (50% probability) as external demand stabilizes. Bearish scenario: a pullback below 51.0 (15% probability) if global conditions deteriorate.Closing Thoughts
Drivers this month
- Sectoral resilience +0.4pp
- Order book strength +0.3pp
Policy pulse
February’s PMI print cements Ireland’s position as a relative outperformer in European manufacturing. The data, sourced from AIB and compiled by S&P Global, reflect survey responses from purchasing managers across Ireland’s manufacturing sector.
Market lens
Investor sentiment remains constructive on Irish industrials. Upside and downside risks are balanced, with global demand and input costs as key swing factors. The next data release will be closely watched for confirmation of this positive momentum.Key Markets Reacting to AIB Manufacturing PMI
Movements in Ireland’s manufacturing PMI often ripple through equity, currency, and crypto markets. The following symbols, verified from Sigmanomics, have shown sensitivity to Irish and broader European manufacturing trends. Each symbol is linked to its official Sigmanomics market page.
- AAPL – Apple’s European supply chain exposure makes it responsive to Irish manufacturing data.
- EURUSD – The euro’s direction often tracks major PMI surprises from Ireland.
- BTCUSD – Bitcoin’s risk sentiment correlation can spike on strong European industrial prints.
| Year | PMI (avg) | EURUSD (avg) |
|---|---|---|
| 2020 | 51.7 | 1.14 |
| 2021 | 56.2 | 1.18 |
| 2022 | 54.5 | 1.05 |
| 2023 | 52.8 | 1.08 |
| 2024 | 51.9 | 1.09 |
| 2025 | 52.6 | 1.10 |
Since 2020, periods of rising Irish PMI have coincided with stronger EUR/USD levels, highlighting the indicator’s influence on currency markets.
FAQ: AIB Manufacturing PMI: Ireland’s Factory Activity Accelerates in February
- What is the AIB Manufacturing PMI for February?
- The AIB Manufacturing PMI for Ireland registered 53.1 in February, up from 52.2 in January, signaling sector expansion.
- Why did the PMI rise in February?
- February’s increase was driven by gains in output, new orders, and employment, reflecting improved demand and sector resilience.
- What does a PMI above 50 mean?
- A PMI above 50 indicates expansion in manufacturing activity, while a reading below 50 signals contraction.
February’s PMI print confirms Ireland’s manufacturing sector is regaining momentum, outpacing both the prior month and the 12-month average.
Updated 3/2/26
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
- [1] AIB Manufacturing PMI, S&P Global, official release 3/2/26
- Sigmanomics Economic Data Database, accessed 3/2/26









The last six months show a steady recovery: October at 51.8, November at 50.9, December at 52.8, January at 52.2, and February at 53.1. The February figure is the highest since August’s 53.2, signaling renewed momentum.