Thursday 19 October 2017

Ireland records highest EU industrial production growth last year

Pylons
Pylons
Colm Kelpie

Colm Kelpie

IRELAND recorded the highest growth in industrial production of any country in the EU in the year to the end of November, new figures show.

And industrial production across the eurozone was the strongest in three years and rose faster than expected, signalling the recovery in the 17 member bloc gathered momentum in the final months of 2013.

While Ireland topped the table, Malta and debt-riddled Greece suffered the largest declines.

Industrial production here increased 13.2pc between November 2012 and November 2013.

Ireland also had the highest increase of 11.7pc month on month between October and November, compared to EU average growth of 1.5pc and a euro area average of 1.9pc.

The data points to a slight acceleration of the economic recovery of the €9.5 trillion economy in the last quarter of 2013 compared with the previous three months, when it nearly stalled because of a weak performance of France and Italy.

Production in the bloc's largest economy Germany grew 2.4pc on the month in November, showing its strongest rise since July 2011, while output in the second largest France rose 1.4pc.

Ireland’s reading was the highest increase in the EU followed by Slovakia, up 12.7pc, the Czech Republic, up 8.8pc and Romania, up 8.7pc.

The southern periphery also saw some improvement as Spain's output returned to growth and Portugal’s production was up by 1.5pc.

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