The services sector here suffered a significant setback due to the Covid-19 outbreak last month, with both activity and new work falling at the fastest rate since April 2009.
That is according to the AIB Ireland Services Business Activity Index, which fell from 59.9 in February to 32.5 in March. It found that new business from international markets dropped more than in any month since the series began in June 2002.
The survey also found that companies in the services field cut staff at the fastest rate since January 2012, reflecting the weakest expectations for activity in the sector since the first poll took place in May 2000. "The Services PMI has sank far below the key 50 level that signals a move into contraction territory," said Olive