| 17.1°C Dublin

We're growing as Europe stalls

IRELAND is recording a level of modest growth according to the latest eurozone Purchasing Manager's Index.

The index measures economic activity with any number under 50 meaning performance is declining.

However, our result of 50.1 may be a hollow victory -- with the index also showing that the eurozone is on the brink of recession.

The overall PMI for manufacturing dropped to 47.1 in October from September's figure of 48.5. Commentators believe the PMI is the most clear cut evidence yet that political uncertainty is negatively affecting the eurozone.

Italy suffered its biggest monthly fall for 14 years with the data indicating that the Italian economy is in deep recession. And in Germany, manufacturing slowed for the first time in two years.

"Output, new orders and new export orders all suffered their fastest declines since mid-2009, against a backdrop of weak domestic market conditions, the ongoing debt crisis and a darkening outlook for the global economy," said a spokesman.