Firms count cost of sterling weakness

WEAK sterling has sparked a crisis for Irish-owned industries which are suffering from massive falls in output.

Figures released by the Central Statistics Office (CSO) to the end of March show that traditional industries, which are mainly Irish owned are almost all reporting falls in output.

Employers group IBEC said the weakness of sterling has “greatly accentuated” the difficulties faced by many manufacturing businesses right now. IBEC senior economist Fergal O’Brien said: “These businesses require urgent Government intervention in order to help them survive the current economic crisis and to ensure that as many jobs as possible are protected.”