Manufacturing to jump 25% this year

Production levels at Irish-based manufacturing firms are expected to show a jump of up to 25% for 2014, compared to a drop of 2.1% last year.

Latest CSO data supports such a strong forecast, with latest industrial production figures published yesterday by the State statistical agency showing a 38.5% year-on-year increase in output for the month of October. On a rolling month-by-month basis, production in October was 10% higher than September, according to the CSO.

“Based on the figures up to October and on the strong PMI data, we are now looking for manufacturing output, for 2014 as a whole, to be around 20%-25% higher than in 2013, following a decline of 2.1% last year,” said Alan McQuaid, chief economist with Merrion Stockbrokers.