Industrial production increases 12 per cent in year

Industrial production rose sharply in April, with output 2.5 per cent higher than in March, buoyed by growth in the high-technology and chemical sectors.

On an annual basis, production was up by 11.9 per cent in the twelve months to April 2013, while the seasonally adjusted volume of industrial production for Manufacturing Industries for the three months February 2014 to April 2014 was 7.7 per cent higher than in the preceding three months.

Alan McQuaid, economist with Merrion Stockbrokers, said that the figures are further evidence of the recent strengthening of the Irish economy.

“After successive annual declines in manufacturing production of 1.0 per cent and 1.4 per cent in 2012 and 2013 respectively, we now feel that all things being equal, output in 2014 will post a 5 per cent plus increase on last year,” he said.

According to the Central Statistics Office, the "modern" sector, comprising a number of high-technology and chemical sectors, showed a monthly increase in production for April 2014 of 1.7 per cent. However, Mr McQuaid said that output in the sector remains "quite volatile", mainly as a result of the patents expiry issue.

There was a monthly increase of 0.5 per cent and an annual rise of 2 per cent in the “traditional” sector , the tenth annual increase in the last 11 months.