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According to the NCB Purchasing Managers' Index survey, Ireland's manufacturing industry has seen the third steeped decline in activity since the series first began in 1998.
In a statement, Markit, the company that compiles (compiled) the survey, said: "Anecdotal evidence suggested that the global economic downturn was the principal cause of the [export] reduction, while there were reports that the relative strength of the euro compared with sterling had led to a fall in demand from the UK."
Economic experts predict a sharp drop in inflationary pressures will lead to further interest rate cuts by the European Central Bank, reports the Guardian.
Discussions about a national economic recovery plan for Ireland collapsed today (February 3rd).
Mary Coughlan, the deputy prime minister, said the government, trade union and employers had been "unable to bring the matter to finality".
