A marginal expansion of the Irish manufacturing sector was evident for the second month running in March, according to the latest NCB survey.
The NCB Purchasing Managers Index rose slightly to 50.5 in March, from 50.4 the previous month. But the index remains close to the critical no change mark of 50 that divides contraction and expansion.
Commenting on the survey, NCB's Senior Economist Eunan King said that with the overall PMI index above 50 for the second consecutive month, and well off its October 2001 low, the recovery in Irish manufacturing is clearly well under way.
'The recovery is being led by growth in export orders where the reading of 3 in March was the highest since November 2000,' he added.
Of the five components used in the calculation of the PMI, output and new orders both recorded growth during last month. These tend to act as leading indicators as to the health of the manufacturing economy.
But the rise in the PMI was restricted by negative contributions from its employment, stocks of purchases and suppliers' delivery components.
* The Reuters Eurozone PMI rose for the fifth month running to hit the 50 mark, stabilising after 11 months of contraction. The February figure was 48.6.
