Manufacturing output worldwide slumped to a three and a half year low in February according to the global Markit manufacturing purchasing managers’ index, which registered at 50 last month, its lowest reading since November 2012. Any measure above 50 indicates growth.

In Ireland, manufacturing activity, measured at 52.9, fell to its lowest level of growth since late 2013 with financial services firm, Investec, which compiles the register, suggesting that global headwinds may be starting to weigh on output here.

Philip O'Sullivan, Investec economist, said that "global headwinds may be starting to weigh on the manufacturing sector here."

He continued, "When the Investec PMIs were released a month ago, we cautioned that Ireland will not be immune to any slowdown in international trade."

Euro zone manufacturing grew at its slowest pace in a year, with the two largest economies in Germany and France, hovering close to stagnation - while Greek manufacturing contracted.

This has increased pressure on the European Central Bank (ECB) to take further measures to stimulate the European economy.

New price data also showed that the euro zone registered a return to deflation in February.

The ECB's governing council will meet on March 10th.