The economy continues to expand, although at a much lower level than last year, according to the NCB Purchasing Managers Index. The index, produced in association with the Irish Institute of Purchasing and Materials Management, recorded 53.8 in October from 53.4 in September signalling a further expansion of manufacturing in the Republic.

Nevertheless growth is well below levels of late last year. Exports are benefiting from euro weakness but the overall picture is of a slackening in growth, says Mr Eunan King, senior economist at NCB Stockbrokers.