Growth in the services sector last month was retarded by the conflict in the Gulf and higer oil prices, the latest Purchasing Managers' Services Index from NCB Stockbrokers has found.
The stockbroker's business activity index recorded 50.3 last month, the weakest figure since December 2001. Anything below 50, and business activity would be contracting.
The index showed growth for the 16th consecutive month. The employment index, however, continued its decline, falling for the ninth consecutive month.
Firms reported that costs had eased due to a stronger euro but added that the impact of higher oil prices offset the high euro.