The country's services sector expanded at the fastest pace in seven months in February as a strong order book prompted a jump in confidence.
The NCB Purchasing Managers' Index rose to 55.1 from 53.9 in January, the second month in a row it was above the 50 mark separating growth from contraction and the sharpest pace since July.
The survey showed that total new business grew for the first time in six months. New export orders have risen in all but one month of the past year and a half and the latest expansion was the fastest since June, the survey showed.
Business confidence among services firms hit a six-month high, rebounding from a recent low hit in November.
The improved readings from services firms match an upswing in the manufacturing sector which saw activity hit a fresh 11-year high last month. Like the manufacturing sector, services firms have seen an increase in input costs but fierce competition prevented them from passing on the increases. Instead, output prices continued to fall.
With net exports expected to provide a significant contribution to output in 2010, the less of a drag from domestic demand the greater the chance of a positive outcome for GNP in 2011,' commented NCB's chief economist Brian Devine.
'The latest NCB services PMI makes good reading on this front,' he added.
