Irish manufacturers have reported have reported an improvement in business as the world economy moves out of the doldrums, according to the latest industrial survey.
The monthly NCB Purchasing Managers' Index. a measure of conditions reported by manufacturers, gave a reading of 52.8 in November. A reading above 50 in the index indicates a pick-up in activity.
New manufacturing orders rose for the third consecutive month in November, and at the fastest rate since July 2002. The recent strengthening of global economic conditions was commonly cited by firms reporting an increase in volumes of new work during the month.
New export order books, having declined modestly in October, rebounded strongly in November. The rate of growth of new export orders was the fastest since June 2002, with panel firms linking rising foreign orders to improved demand conditions in their main European markets.
Measured overall, production levels were stepped up for the third month running in November, largely in response to rising new orders. Furthermore, the rate of growth of output was the strongest since June 2002.