Industry claws back on hi-tech spending while selling assets

INDUSTRIAL companies have rowed back dramatically on capital investment in hi-tech equipment in the first quarter of the year while selling off assets at an increasing rate.

There was a near total collapse in capital investment in communications equipment with just E26.9 million spent in this sector in the first quarter of this year compared with E267.6m in 2001, a 90% fall.

Investment in office machinery and computers also took a major hit falling by 73.4% from E103.4m to E27.9m.