Industrial output rises 10.8% on chemical and tech sectors

The chemical and technology sectors helped industrial production increase by 10.8 per cent on an annual basis in October, according to the latest figures from the Central Statistics Office (CSO).

But the volume of industrial output for manufacturing industries for the three-month period from August to September was 0.1 per cent lower than in the preceding three months, on a seasonally adjusted basis. The industrial production index was 144.9 in October. The index is measured against a benchmark of 100, which was set in 2000.

The CSO said the modern sector - technology and chemical producers - was 14.7 per cent higher in October than it was in the same month in 2006, while traditional manufacturers' output was up just 0.2 per cent.

The seasonally-adjusted industrial turnover index was 2.7 per cent higher in the three months to the end of October compared to the previous three months, with turnover up 6.7 per cent on an annual basis.

Bloxham Stockbrokers economist Alan McQuaid said manufacturing output excluding the volatile chemicals sector had risen at a "healthy" annual rate of about 10 per cent, suggesting that other sectors apart from chemicals were growing strongly.

The reproduction of recorded media sub-sector recorded substantial growth of more than 30 per cent, while much of the growth in the traditional sector has come from the food and beverage sector, Mr McQuaid noted.