Hi-tech industry on growth spiral

GROWTH in industrial production in the hi-tech and chemical industries is three times that of traditional industries, according to figures released by the Central Statistics Office (CSO).

Friends First economist Jim Power said this development leaves the country with a very heavy dependence on the mainly foreign-owned modern hi-tech sector, while the components of the more traditional industrial base are under considerable pressure.

The volume of industrial production for the February to April period was up 8.8% on the previous three months, according to the CSO. Production for all Irish industries in April, 2003, was 8.7% higher than in April, 2002. However, the CSO-dubbed ‘modern sector’, comprising a number of hi-tech and chemical sectors, showed an annual increase in production for April, 2003, of 10.4%, against a 3.7% increase the ‘traditional’ sectors.