Furthermore, the rate of growth quickened from the previous month and was just shy of March's near six-year high. Underpinning output growth was another marked expansion in new business which, in turn, contributed to a sharp rise in employment. Nevertheless, the level of outstanding business continued to accumulate.

The headline seasonally adjusted Business Activity Index posted 57.2 in May. Up from 56.7 in April, the latest index reading pointed to a marginally stronger rise in activity. The sharpest rate of growth continued to be recorded in the Post & Telecommunications sub-sector