Healthy hike in industrial volume figures

INDUSTRIAL production volumes showed their biggest increase in three months, via a healthy 3.5% year-on-year increase in October, according to latest figures from the Central Statistics Office (CSO).

October’s annualised rise was driven by good performances in pharmaceuticals and computer and electronic equipment areas, while food production volumes were down by more than 7% on a year-on-year basis in the month.

However, the data showed industrial production dipped in the three months up to October, again on a year-on-year basis, by 4.8%.

The October figures also showed a 12.8% year- on-year production increase for the combined “modern” sector – which comprises the high-tech and chemical sectors – while the “traditional” sector was down by 13.3%.

The seasonally adjusted industrial turnover index, meanwhile, showed a 7.6% quarter-on-quarter fall for the manufacturing sector for the August-to-October period. On an annual basis, turnover was 21.2% lower when compared to October of last year.

Bloxham Stockbrokers said it expects Ireland’s GDP to fall by 0.8% next year, following implementation of the proposals by the Finance Minister.

Separate CSO figures showed there was a significant year-on-year rise in the number of working days lost to industrial disputes during the third quarter of this year.

In all, nearly 67,000 days were lost between July and the end of September compared to “just” 578 for the same period last year.

According to the CSO, nearly 75% of the days lost over the first nine months of the year were accounted for in the “industry” sector – which includes areas such as mining, exploration, manufacturing, electricity and other utility service suppliers.


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