Ireland’s demand for UK construction products eases

Growth in the value of Ireland’s imports of UK construction products has eased to a more modest rate, according to new data released by Fexco Corporate Payments.

Ireland’s booming construction industry continues to increase its imports from the UK but the pace of growth is easing, according to the analysis by the foreign exchange specialist.

Spending has risen by 128% over the past three years, but increased by a more modest 17% in the past 12 months.

The analysis of more than 4,000 transactions made through Fexco Corporate Payments shows that, in the 12 months to February this year, Irish building firms spent 17% more on UK goods and services than they did in the previous year.

The number of transactions made increased by 7% and the average transaction size rose by 7.5%, from €4,902 to €5,269. The average purchase size is now two thirds bigger (66.8%) than the €3,159 recorded in the 12 months prior to February 2017.