A study measuring activity in the service sector has found that the Irish economy gained momentum towards the end of 2014. Investec's Purchasing Managers' Index measures activity in the service industry, which rose to 62.6 in December - up from 61.6 in the previous month.

This matched figures recorded in June - before then the index had not been this high since February 2007. A sub-index that measures employment was up from 60.7 to 61.8 - this increase is the fastest rise on record since this study began in 2000.

Investec Ireland's chief economist Philip O’Sullivan says that the upswing is being seen across a number of industries: "All four components of the services sector - business services, financial services, technology, media and telecoms and transport and leisure simultaneously recorded growth in employment for a 13th successive month."

Speaking to Newstalk Breakfast, business editor Ian Guider added that this is the latest in a number of positive economic indicators: "All of these numbers point to the Irish economy doing really well - which is quite remarkable given the current international challenges."