Activity in the services sector grew in February for the third consecutive month, according to a survey published today.
The NCB Purchasing Managers' Services Index for February, compiled by NCB Stockbrokers, recorded a level of 57.8 - up from 56.3 the previous month and the sharpest growth since February 2001. Above 50 signals growth and below 50 contraction.
The survey indicated increased levels of client confidence and strongly optimistic expectations for future growth. The findings have boosted hopes the Irish economy has freed itself from the slowdown.
"The services PMI [personal managers' index] reinforces the view that the slowdown of the Irish economy is behind us and a robust growth rate can now resume, though not at the pace of the last five years. Activity appears stronger across the board but input prices are firming," NCB senior economist Mr Eunan King said in a statement.
Ireland's manufacturing PMI for February, published on Friday, showed expansion for the first time in seven months.