Production jumped 2.3pc in January
INDUSTRIAL production rose in January as multinationals boosted production of pharmaceutical and other hi-tech products aimed at the slowly reviving foreign market. Production among so-called traditional industries, which are closely aligned to the real economy, fell.
Industrial production jumped by 2.3pc in January compared with the same month last year; and rose 17.2pc compared with December -- when production is traditionally weak due to the Christmas holidays.
"Manufacturing output for 2009 as a whole is now estimated to have been 3.5pc lower on average than in 2008, the second year running of a decline in output," said Bloxham stockbrokers economist Alan McQuaid. "In overall terms, the figures for 2009 weren't too bad all things considered, even though it was the 'multi-national' sector that was once again the main output driver."
The biggest gains were in basic pharmaceutical products where production surged 11.8pc. The entire 'modern sector' which includes chemicals and technology, rose 4.8pc despite an eye-popping 37pc fall in production of computer, electronic and optical products.