Output from foreign-owned firms falls sharply
Production in all types of manufacturers slumped by 12.7% in the three months to the end of April, compared to the same period in 2023 — but some Irish-owned manufacturers including food producers expanded in the same period. iStock
Output from Irish manufacturing dominated by the pharma and chemical multinationals continue to slump, and was only partly offset by expansion from Irish-owned food firms, official figures suggest.
The Central Statistics Office figures show production from all types of manufacturers slumped by 12.7% in the three months to the end of April from the same period in 2023, reflecting for the most part a slide in output from multinationals based in Ireland that make pharma and chemical products for world markets.
Output of Irish-owned manufacturers which include many food makers expanded production in the same period, the figures show.
The official figures support the findings of the monthly purchasing managers' surveys that point to a bumpy ride for Irish-based manufacturing, as major economies which account for key export markets struggled with inflation and high interest rates this year.
Citing confidentiality, the statistics office continues to suppress data on many multinational sectors, including pharma and beverage makers.
The CSO figures suggest that most Irish-owned manufacturers apart from paper and textile makers expanded production in the three month period compared with 2023.
The industrial production figures are also closely watched for any signs that reduced export demand could lead to lower levels of corporation taxes paid to the Irish exchequer by the foreign-owned multinationals.
A small handful of multinationals account for the lion's share of all corporation tax receipts: The Irish Fiscal Advisory Council has estimated that 43% of the €22.6bn the Government collected in corporation tax revenues in 2022 was paid by three firms.
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