Industrial production rises in October
Industrial production was 3.1 per cent higher in October compared with September 2012, according to new figures from the Central Statistics Office.
On an annual basis, manufacturing production was 17.9 per cent lower in October 2012 when compared to October 2011.
The modern sector, which includes high tech and chemical sectors, grew by 7 per cent, but the traditional manufacturing sector declined by 0.8 per cent.
The seasonally adjusted volume of industrial production for manufacturing industries for the three-month period between August and October was 9.1 per cent lower than the previous quarter.
The seasonally adjusted industrial turnover index for manufacturing industries fell by 4.5 per cent in October 2012 when compared with September 2012.
Financial services firm Glas Securities noted a small portion of the lost production was regained in October with a monthly increase of 3.1 per cent, following a very large drop in the production index for September.
Pharmaceutical production volumes increased by 14 per cent on a monthly basis, with the annual rate of decline reducing to 27 per cent.
"As drug production in Ireland can be volatile due to the high value of individual drugs, size of production runs and the fact that some drugs are not made consistently through the year, it may take a number of months for the size of the production rebound in the sector to be reflected in the data," the firm said.