Manufacturing slows in November
Manufacturing production decreased by 2.1 per cent in November as activity levels fell, according to new figures published this morning.
Production in hi-tech and chemical industries, known as the "modern sector", declined by 2.5 per cent for the month. This was mainly due to a slow down in the manufacturing of electrical products. There was, however, an increase of 1.9 per cent in "traditional" sectors.
According to data released by the Central Statistics Office (CSO), seasonally adjusted output for manufacturing industries was 14.4 per cent lower from September to November 2012 when compared with the preceding three months.
Industrial turnover did grow by a seasonally adjusted 7.8 per cent in November. However, on an annual basis, turnover decreased by 4.9 per cent in November 2012 when compared with the same period in 2011.
The CSO compiled the data based on the number of units produced by factories in Ireland in the month of November. However, data compiled by NCB Stockbrokers found manufacturing activity grew for a ninth straight month of November.
The NCB Manufacturing Purchasing Managers Index, which showed growth in the sector in 2012, was based on orders.
Noting that the most recent purchasing managers’(PMI) data suggests that export orders in the manufacturing sector hit their highest level in five months in December, Merrion economist Alan McQuaid said Ireland was in a good position moving forward, despite the weak data.
"Whatever about the short-term, we believe that when the world economy regains momentum, Ireland is better placed than most to take advantage of that."