MANUFACTURING PRODUCTION slipped back in October but is still well ahead of its position last year, new data showed yesterday.
In the year to the end of October, the volume of production was up 8.3 per cent.
However, with the index at 107.3 compared to 113.6 in September, it had slipped by 5.6 per cent month-on-month.
Over the three-month period from August to October, the seasonally adjusted volume of industrial production fell 7.3 per cent compared to the preceding period. The industrial turnover index was also lower, declining 3.3 per cent, although, in the year to October, turnover was 15.5 per cent higher.
Bloxham’s economist Alan McQuaid remains optimistic for the full-year figures. “Despite some signs of a weakening of activity in the near term, it still looks like there will be a healthy average increase in manufacturing output for 2010 as a whole of at least 6 per cent,” he wrote in a note to clients.
The modern sector, which comprises a number of high-technology and chemical sectors, showed an annual increase in production of 9.4 per cent in October, while the traditional sector showed a more modest growth of 5.2 per cent.
“Even allowing for some adverse exchange-rate movements since the beginning of July, it does now look like the indigenous sector has become more competitive and found a solid footing, which augurs well for the months ahead,” Mr McQuaid said.
