The latest report from NCB shows that conditions in the Irish manufacturing sector improved slightly in March, but the pace of growth was the slowest since September 2003.
The NCB Purchasing Managers' Index recorded 50.7, down from 51.8 in February and its third successive fall. Any figure above 50 signals growth.
NCB economist Eunan King said manufacturing activity appeared to be expanding only modestly, mainly because of weakening export demand.
Levels of new business grew at the slowest pace for four months, but new export orders showed a slight decline. Employment levels grew again, but the rate of job creation was marginal, with this index standing at 50.7. There was a drop in purchasing activity amongst Irish manufacturers for the first time in 18 months.
The report showed that costs rose sharply again, with the input prices index rising to 60.5, having eased in the previous four months. This reflected higher prices for metals and oil-related items. Prices charged by firms rose slightly, with this index recording 54.2.
