Sterling hits Irish industrial output

The drop in sterling value and the wider uncertainty since June’s Brexit vote is having a visibly negative effect on Ireland’s manufacturing sector, according to one leading economist.

“Uncertainty on Brexit, the depreciation of sterling against the euro and weaker global demand appear to be holding Irish manufacturers,” Davy Stockbrokers’ chief economist Conall Mac Coille noted yesterday.

However, Mr Mac Coille said the recovery in the domestic economy can keep Ireland’s GDP growth above or close to 3% this year and next.