An average of 114 start-ups were formed every day in August according to credit and business risk analyst, Vision-net.

In total, 3,094 start-ups were set up in August, an increase of 22 per cent year on year.

The manufacturing and transport/logistics sectors saw significant growth year-on-year, with start-up numbers increasing by 90 per cent and 106 per cent respectively.

Vision-net.ie managing director Christine Cullen said August's figures indicated a "continued economic recovery for Ireland."

She said new company and business start-up growth showed no sign of slowing last month.

“It is especially encouraging to see the manufacturing and transport and logistics industries continue to develop. Growth in these sectors is indicative of economic recovery beginning to spread out to wider areas of the economy,” she added.

In respect of company failures, 58 were declared insolvent in August, a decline of 46 per cent year on year.

The construction industry experienced the biggest decline in insolvencies, dropping 77 per cent from 26 to 6.