Output from Ireland’s manufacturing sector grew at its fastest rate in nine months in May, according to the latest Investec Monthly Purchasing Managers Index, or PMI.

The headline PMI increased to 57.1 in May from April’s 55.8 reading.

Any number higher than 50 in the survey indicates expansion and May’s figures represented two years of continued growth in the sector.

It’s not just about output - according to the survey, four times as many manufacturing companies are expanding employment than cutting jobs. And most firms anticipated further growth in the period ahead fuelled by new product launches and higher demand for raw materials

The certainty provided by the British general election led to a strengthening of sterling during May, thus leading to an increase in input prices, a small proportion of which were passed on to customers