The Purchasing Manager's Index compiled by NCB Stockbrokers eased slightly in February to 52.1, its lowest rate of expansion since January 1999.
NCB chief economist Dermot O'Brien said that growth in manufacturing activity had begun to slow again after five months of stability. Last month the index was 53.5.
Mr O'Brien said the slower pace was mainly the result of faltering demand from abroad. But he said input inflation continued to moderate, falling to its lowest rate since August 1998.
