Exports show signs of rallying

The economy may be recovering from the effects of the pharmaceutical cliff as exports from indigenous industries pick-up.

While new figures from the Central Statistics Office showed a 6% fall in seasonally adjusted exports to €7.2bn in January compared to December, on a three-month basis goods exports rose by 2.1% on the year, the first positive growth rate since October 2012.

Davy’s chief economist, Conall MacCoille, said the export figures from the pharmaceutical sector were no longer having the drastic effect on growth that was reported last year.