Industrial production last November was running 13.5 per cent ahead of the same month in 2002, according to the latest figures from the Central Statistics Office (CSO). Cliff Taylor reports
They suggest that industry is benefiting from the international recovery, with the high-tech sector back on a strong growth trend and more modest gains in the rest of industry.
The CSO figures show a small 2.3 per cent seasonally adjusted fall in production in November, when compared with the previous month. However, monthly figures can be volatile- particularly due to swings at some major high-tech companies - and the general trend in the figures is positive in recent months, with production in most recent months running well ahead of 2002 levels.
The figures show that the "modern sector" - mainly high-tech electronics and pharmaceuticals - is growing strongly, with production running 15.6 per cent ahead of November the previous year.
Growth is slower in the rest of industry, but the CSO figures show a reasonably encouraging 5.4 per cent annual rise in all other sectors.
Among high-tech companies, stronger growth sectors include basic chemicals, electrical and optical equipment and particularly medical, precision and optical instruments, where production in the August-October quarter was 34 per cent ahead of the same period in 2002.
Among the rest of industry, the food sector was showing a 13.2 per cent annual rise in the quarter.
In a comment on the figures, Davy stockbrokers took a positive view, pointing out that in the first half of last year industrial production increased by just 2.4 per cent on the same period in 2002.
However, there was a definite pick-up in the second half, according to Davys, with the modern sector showing an average increase of 10.6 per cent on the same period last year and the rest of industry showing a 5.2 per cent increase in the same period.
"We expect increased production to further feed through to export volumes - already showing tentative signs of recovery - as we move through 2004."
