Buoyant economic conditions have continued to support expansion in the services activity with new research showing a high level of optimism about the sector's prospects.
The latest Purchasing Managers Index compiled by NCB Stockbrokers records that in October business activity expanded, although the pace of growth was little changed from September.
In terms of business expectations, the survey of 600 companies found they were taking an optimistic view of next year's activity levels and that service providers believed that expansion was sustainable.
"Positive sentiment reflected the shared belief that Ireland's economy will continue to grow, while being well-placed to take advantage of recovery in global markets," according to the index.
Growth in the volume of new business in the services economy was sustained at a strong and increased pace in October.
The improvement was the seventeenth in succession and reflected reports of buoyant demand from both domestic and foreign clients, although there was some suggestion that price incentives had helped to stimulate the latest growth, NCB stated.
The data also record higher average charges being levied by service providers for the first time in the past 19 months.
Inflation was a reflection of rising average costs, although strong competition continued to suppress the extent to which firms could raise their rates.
The survey again highlighted the need for increased employment in the sector.
Firms surveyed indicated that staff numbers had risen last month to reflect the rate of improvement in new business.
The survey reflects conditions in the financial services, technology, media and telecoms sectors and the transport, travel, tourism and leisure sectors.
Across the euro zone, a separate survey showed that growth in the euro zone's dominant services economy picked up slightly in October, but Britain upstaged continental Europe with a surprise rebound despite soaring costs thanks to costly oil, Reuters surveys showed on Wednesday.
Both the headline Reuters euro-zone business activity index and its British stablemate rose last month.
The euro-zone index, based on a survey of more than 2,000 companies, rose to 53.5 from September's 53.3, showing that growth in services accelerated for the first time since May.
