Further evidence of the strength of the economy is contained in the latest industrial production figures, which showed a 21.6 per cent increase in volume in August, when compared with the same month the previous year.

The seasonally adjusted figures showed a 5.3 per cent rise above the adjusted index for the three months to the end of May. The figures from the Central Statistics Office (CSO) showed that the main contributor to the annual rise were the pharmaceutical sector - which accounted for half the increase - and the office and data processing sector - which accounted for a quarter of the rise.

Separate CSO figures showed an 8.3 per cent rise in retail sales in September, compared to the same month the previous year. However, sales that month were 1.7 per cent lower than the previous month.