Tuesday 25 July 2017

Industry growth twice EU figure

Donal O'Donovan

Donal O'Donovan

GROWTH in industrial production in Ireland is running at twice the EU average, according to the latest data from Eurostat, the EU statistics agency.

The data for September shows that Ireland massively outperformed most of its European neighbours. It is the latest sign that industrial recovery is the bright spot in the economy.

Industrial production in Ireland increased by 7.9pc in September compared to the previous month and was 10.9pc up on the same month in 2009.

Across the European Union, production was up 5.8pc from September 2009 to September of this year.

IBEC director-general Danny McCoy said: "Ireland continues to have a resilient, diverse and dynamic enterprise base on which to build future growth.

"Business is gaining the necessary momentum to drive growth. We have a lot more to do to restore our economic fortunes, but we are on the right path."

Momentum

Ireland recorded the biggest annual increase of any of the pre-EU accession states.

The largest increases in production were seen in central and eastern Europe. This was led by Estonia, with production up 31.1pc. Latvian output was up 19pc and the Czech Republic and Poland both saw rises of more than 12pc.

Ireland was also the only one of the eurozone's peripheral countries to record a pick-up in industry in September.

In Greece, production was down 7.6pc, while Portugal saw a fall of 2.4pc and Spanish output declined by 1.4pc.

Germany remains the engine of European industrial recovery. It saw an 8.3pc increase in its already massive industrial production in September 2010 compared to the previous year.

Irish Independent

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