Survey: Ireland's service sector shows growth

Growth of the Irish service sector strengthened in July, with activity and new business rising at their fastest rates since November 2000.

The survey by NTC Research shows the seasonally adjusted Business Activity Index rose from 60.5 in June to 62.3 – the highest reading since November 2000.

33.9% indicated an increase of business activity, over three times that signalled a decline (11.2%).

Commenting on the survey, Dermot O’Brien, Chief Economist at NCB Stockbrokers, said: "The latest survey shows the services sector in Ireland in exceptionally buoyant form with a high level of confidence in the future.

"The overall business activity index in July and key survey components, such as new business and employment, recorded levels not seen since around the end of 2000, before the onset of the international recession."