Manufacturing activity expanded in November, according to the NCB Purchasing Managers' Index. While the survey noted increases in output, reflecting fuller order books, it said prices of raw materials and inputs had also risen and delivery times had lengthened during the month.

The survey of 300 industrial companies - the first published indicator of business conditions each month - rated overall manufacturing activity at 58.6, the highest rating since the survey began 19 months ago. The index has shown increases in manufacturing activity in each month since July.

NCB said it had clawed back the figure released last month for activity in October from 58.7 to 58.5, due to seasonal factors and late survey returns. "The survey shows that growth and activity remain very strong," said Mr Eunan King, a senior economist at NCB Stockbrokers.

Asked about the decline in the rate of growth in the survey, Mr King said: "It's still growing quite strongly. It's not accelerating further. As long as it's above 50, it's growing."

The survey showed output growth accelerating at the fastest rate since the survey began, rising from 60.6 in October to 61.9 last month. This reflected fuller order books, although the rate of growth of orders declined slightly, from 60.9 to 60.4. Prices paid by manufacturers for inputs and raw materials also rose, although the rate of increase dipped slightly at 63.8 in November, down from 64.7 in October. The index showed further lengthening in supplier delivery times, which registered 45.4 on the index. The survey, which is produced in association with the Irish Institute of Purchasing and Materials Management, showed stocks of goods purchased rising.