The majority of businesses on the island of Ireland are stable or growing, according to a new survey, but the recovery is being driven by just 40% of firms.

The latest quarterly business monitor from all-island business group Intertrade Ireland says that 83% of businesses surveyed described themselves as stable or growing in the second quarter.

That is down on the 88% rate in the first three months of the year, however.

Firms that are exporting or have a formal business plans in place are more likely to be growing, while expanding businesses are also more likely to be in the manufacturing and business service sectors.

The quarterly report found that 53% of growing firms were engaged in cross-border trade, while 41% export outside of Ireland and Britain.