The latest PMI survey from S&P Global shows that business activity in Dublin’s private sector continued to expand in the third quarter of 2025, albeit only marginally.
The headline rate stood at 50.8, down from 52.2 in Q2 and marking the weakest rate of growth since late 2022. Crucially, the index remains above the 50-point threshold that signals expansion. Activity across the Rest of Ireland also slowed, but at 51.4, growth remained slightly stronger than in the Capital.
Sectoral performance in Dublin was mixed. Manufacturing (52.2) and Construction (50.6) both recorded increases in output, while the Services sector, the biggest sector in the Capital, dipped to 49.4, entering contraction territory for the first time since early 2021. The Rest of Ireland showed a similarly mixed picture with growth maintained in the Manufacturing (51.9) and Services (51.8) sectors while Construction (47.5) contracted.
New business in Dublin returned to growth during Q3, with the New Orders component rising to 51.0. This modest increase follows a contraction in Q2 and suggests a stabilisation in demand. The uptick in new orders may reflect easing concerns around international trade dynamics. The Rest of Ireland also saw a slight expansion in new orders, with the index at 50.8.
Employment trends remained positive in Dublin, with firms continuing to add to their workforce. The Employment Index rose to 52.3, up from 51.3 in Q2, and marked the fastest pace of job creation since Q3 2024. Staffing levels in Dublin increased more rapidly than in the Rest of Ireland, where the index stood at 51.6 down slightly from Q2.
Commenting on the PMI, Andrew Harker, Economics Director at S&P Global Market Intelligence said:
The Dublin private sector went through a soft-patch during the third quarter of the year, particularly in the service sector where business activity actually dipped slightly from the picture in Q2. More positively, however, new orders returned to growth and greater certainty around US tariff policies will hopefully enable companies to build going into the final quarter of the year. In fact, firms were confident enough to up their pace of hiring, with additional workers taken on at a solid clip in the third quarter.
Andrew Harker, Economics Director at S&P Global Market Intelligence
