Sales growth slowed during the first six months of 2007 compared with the previous half-year, with weakening international trade partly to blame.
A Business in Britain survey by Lloyds TSB suggests this shows the strength of the pound is beginning to take its toll on exports.
However, bosses are more upbeat about their prospects than they were, despite the turbulence during the first half.
More companies are predicting increased investment and expect to recruit staff during the remainder of 2007.
Lloyds TSB area director Phil Hawker said: "While north west businesses had a challenging first half of the year, there are encouraging signs.
"North west businesses have a solid foundation for optimism, underpinned by strong UK demand and a stable European economy."
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