Industrial production 'at record'

 

Industrial production rose in July, reaching a monthly record and growing 12.4 per cent compared to the same month in 2009.

Industrial production rose in July, reaching a monthly record and growing 12.4 per cent on an annual basis.

Figures from the Central Statistics Office showed the index measuring levels of industrial production during the month rose to 120.2, the highest ever recorded.

However, analysts said the growth was fuelled by the foreign-owned sector, and the domestic sector continued to show weakness.

The most significant changes were seen in the basic pharmaceutical products and preparations sector, which rose 21.8 per cent from July last year, and computer, electronic and optical products., which saw production fall 19.5 per cent.

A 17.3 per cent rise was recorded in the “modern” sector, which includes high-technology and chemical sectors, while the “traditional” sector increased 3.2 per cent compared to July 2009.

Davy analyst Aidan Corcoran said the foreign-owned sector was “volatile” and said the “traditional” - mainly domestically-owned - sector continued to struggle. In seasonally adjusted figures, the sector showed a 3.8 per cent fall compared to the preceding period.

Seasonally adjusted figures for the three-month period between May and July showed the volume of industrial production for manufacturing industries rose 7.5 per cent compared to the preceding quarter.