Manufacturing activity in October grew at its slowest pace since May, according to the NCB Purchasing Managers' Index.
The index, published today, showed a reading of 52.3, down the 14-month high of 54.4 recorded in September. Any figure above 50 signals growth.
Eunan King, senior economist at NCB, said the September readings were surprisingly buoyant.
"The fall in October to 52.3 brings the PMI back to its level in May. The main components which grew less rapidly were output, new orders and stocks of purchases.
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"Employment, surprisingly against the slower growth of these items, accelerated somewhat to 51.9, the sharpest pace since February. Overall the manufacturing sector appears to be growing at a modest pace," he said.