IBEC: CSO figures 'heartening'

IBEC have said that new CSO figures, which record a lift in manufacturing output in the first two months of the year, indicate that Ireland is beginning to emerge from recession.

IBEC Chief Economist David Croughan said: “Following a year that saw manufacturing output fall by 3.5%, it is heartening that in the first two months of the year output recorded an annual growth of over 10%. The figures confirm the positive trend indicated by the most recent NCB surveys of manufacturing purchasing managers.

“The positive data so far in 2010 overturn much of the fall in output that manufacturers suffered throughout 2009 and is a further indication that Ireland is beginning to emerge from recession.

“It is encouraging that, on a seasonally adjusted basis, there are signs of growth in both the modern and traditional sectors. Apart from the predominance of the pharmaceutical sector, there was a pick-up in recorded media and parts of the computer, optical and electronic products sector.

“Parts of the food sector, which continues to be under serious pressure from sterling's weakness, were also showing signs of turning a corner. This is a positive beginning to the year, but the restoration of normal credit facilities and support for companies still struggling are crucial to ensure that this is built on.”