The CSO reported today that on an annual basis production for Manufacturing Industries for November 2007 was 16.3% higher than in November 2006. The seasonally adjusted volume of industrial production for manufacturing industries for the three month period September to November 2007 was 3.1% lower than the preceding three month period .
The “Modern” Sector, comprising a number of high-technology and chemical sectors, showed an annual increase in production for November 2007 of 23.3%, while a decrease of 3.2% was recorded in the “Traditional” Sector.
The seasonally adjusted industrial turnover index for manufacturing industries was 2.4% lower in the three month period September to November 2007 when compared with the preceding three month period. On an annual basis turnover in November 2007 was 6.1% higher when compared with November 2006.
Industrial sector had best year since 2002 – IBEC
IBEC said that the industrial sector performed strongly right through to the end of last year and made a substantial contribution to economic growth.
Data released by the CSO today show that industrial production in the first eleven months of 2007 was up 7.8%, following strong growth in a number of industry sectors.
IBEC Senior Economist Fergal O’Brien said: “Last year output from industry grew at the strongest rate in the past five years and the improvement in the sector has provided a much needed boost to the economy, at a time when domestic demand is slowing. Indeed, 2007 saw a significant rebalancing in the Irish economy, which will help maintain sustainable economic growth over the coming years.
“Total industrial output was up 7.8% in the first eleven months of the year, with the modern sector ahead by 10% and the traditional sector growing by 2.6%. While much of the improvement is focused in the chemical sector, where output is up 20% in the most recent quarter, other sectors of both modern and traditional industry have also increased output levels. Output from the food sector was 4.6% above levels a year earlier, while the medical devices sector also performed strongly in the latter half of 2007.
“The manufacturing sector clearly benefited from the relatively buoyant global economic climate last year, but trading conditions are likely to be more difficult in 2008. Recent currency movements have increased the pressure on exporters and a strong focus on cost competitiveness is essential if industry is to continue to contribute to economic growth this year,” concluded O’Brien.