Activity in the country's services sector expanded once again last month, the latest figures show.
The NCB Services purchasing managers index rose to 51.5 in October, up from 51.3 in September as the index extended its current sequence of expansion to ten months. Any figure over 50 signals growth, while under 50 contraction.
NCB said the rise in activity was seen in spite of a further decrease in new business, which fell for the sixth month in a row. But the rate of contraction was only marginal and the weakest in six months.
The index said that a slight increase in world demand led to a rise in new business from abroad, but NCB said the rise was marginal and the weakest in three months.
Staffing levels fell solidly again last month, with companies reporting redundancies as well as the non-replacement of staff who had left. NCB pointed out that the latest fall was the 43rd in the last 44 months.
Input price inflation eased in October, while companies lowered output prices again amid strong competition for new business. Charges have fallen continuously since August.
Today's index reveals that business sentiment picked up in October and was the strongest since April. More than 43% of respondents forecast an increase in activity over the coming year compared to 17% who are expecting a decrease.
