Irish service providers recorded the sharpest growth of business activity in over five years in April due to strong new business gains, a new survey shows.
The April edition of the NCB Purchasing Managers' Services Index registered a reading of 65.6 up from 63.1 in March, and it as now pointed to expansion of activity in each month since June 2003.
A reading above 50 in the monthly index signifies an expansion in activity.
NCB chief economist Dermot O'Brien said "The latest service sector PMI report provides another demonstration of the strength of domestic economic activity in Ireland with growth in overall business activity at its highest since September 2000.
"Indeed, the headline index hit a level in April that has been exceeded only three times in the survey's history. New business and business confidence both strengthened noticeably in April, and employment growth was very strong, near to the survey's historic high."