Irish manufacturing output in April grew at the fastest pace in 10 years, contributing to a further improvement in the overall conditions in the sector.
The NCB Purchasing Managers' Index, which measures Irish manufacturing activity, rose to 53.4 in April from 53.0 in March, when it crossed the 50 mark separating growth from contraction with its highest reading since September 2007.
The sub-index measuring manufacturing output showed the fastest growth since April 2000, driven by new business.
New orders also grew markedly in April, Markit, which compiles the data, noted. The data was collected by Markit between April 12th-23rd.
"It is encouraging to see that not only is output continuing to expand, but also that new orders are continuing to expand," Brian Devine, economist at NCB Stockbrokers, said.
The latest GDP figures showed that Ireland did not exit Europe's longest-running recession last year as previously thought but economists remained optimistic about a return to growth this year.
The government maintains the economy will resume growth in the second half of the year, and brighter data for the start of the year bode well.
The euro zone's manufacturing sector also continued to power ahead in April, faster than previously thought, as output reached the highest level in almost 10 years, driven by a record performance in Germany.
The Markit Eurozone Manufacturing Purchasing Managers' Index for April jumped to 57.6 from 56.6 in March, pipping an earlier flash estimate of 57.5.
The reading, the highest since June 2006, marks the seventh consecutive month it has been above the 50.0 mark that divides growth from contraction. The output index rose to 61.2 from 59.8 in March, below a flash reading of 61.3, but its highest final since June 2000.
Reuters