Manufacturing output growth held steady in November, according to the latest NCB purchasing manager's index.

The index of 250 companies, which provides a barometer of manufacturing conditions in the Republic, registered 53.8 in November - a similar figure to October. Readings above 50 signal continuing growth, while those below 50 signal contraction.

The growth signalled by the index reflects increases in output, new orders and employment, driven by the buoyancy of the domestic economy and the continuing growth of exports, NCB said.

Commenting on the survey, Mr Dermot O'Brien, chief economist at NCB Stockbrokers, said: "The November index suggests growth in manufacturing activity is stabilising at a more moderate pace after the deceleration shown by the surveys since January."

The Reuters Euro-zone Purchasing Managers' Index fell in November to its lowest since mid1999 and well below expectations, signalling that a global economic slowdown is starting to hurt Europe. The PMI dropped to 54.6 in November from 55.7 in October.