IRELAND REGISTERED the highest increase in industrial production in the euro zone in September, according to figures released by the EUs statistics office Eurostat.
Industrial production increased by 11.2 per cent in the Republic in September compared with the previous month. This compared with a 0.3 per cent rise for the euro zone as a whole.
However, the month-on-month increase contrasts with a fall of 16 per cent in August.
The surge in the rate of Ireland’s industrial production levels in September is attributable to a strong performance by the pharmaceutical sector.
Figures released by the CSO earlier this week showed that pharmaceutical manufacturing in Ireland increased by 42 per cent between September 2008 and 2009, while other sectors contracted or remained static.
Yesterday’s figures show that Ireland registered the smallest annual decrease in industrial production for the year ended September 2009, at 0.7 per cent. Overall in the euro zone, industrial production fell by 12.9 per cent between September 2008 and September 2009.
Although there has been a dramatic fall-off in industrial production in the euro zone since the beginning of 2008, the figures have been rising month-on-month since May.
However, the 0.3 per cent rise recorded for September represents a slowdown on the August figure of 1.2 per cent.
A breakdown of yesterday’s figures show that the production of capital goods increased by 1.7 per cent from August to September, while non-durable goods grew by 1.1 per cent.
Durable consumer goods fell by 6.0 per cent in the euro area , compared to a 5.2 per cent rise recorded in August.
Energy production was also down, falling by 2.1 per cent between August and September.
After Ireland, Germany was the best performer, with industrial production rising by 3 per cent in September.
Sweden recorded an increase of 1.6 per cent.
Italy was the worst performer among the euro zone countries, with industrial production decreasing by 5.3 per cent
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