Chemical and hi-tech areas decline

DECLINES in the hi-tech and chemical sectors dragged annualised production levels among Ireland’s manufacturing industries down in March, leading economists to downgrade full-year growth forecasts.

Latest figures from the Central Statistics Office (CSO) show production levels fell 1.3% on a rolling month-by-month basis and by 5.5% on an annualised basis.

The most significant drivers for the movement were an 8.7% production fall in basic pharmaceutical products and a 7.6% decline in beverages.