Production to grow this year between 2% and 3%

Manufacturing production in Ireland is still expected to grow by between 2% and 3% this year, despite figures showing a marginal decline in August — the first fall in six months.

Such an increase for 2012 as a whole would represent a third consecutive year of growth for manufacturing.

“Whatever about the short-term, we believe that when the world economy regains momentum Ireland is better placed than most to take advantage of that,” said Alan McQuaid, chief economist with Merrion Stock-brokers.