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Industrial production up 6.2% on year

Industrial output in April was 6.2% higher than in the same month in 2006, according to figures from the Central Statistics Office (CSO).

Output from the so-called 'modern' sectors of chemicals, pharmaceuticals and computer products, showed an annual increase in production for April 2007 of 7.3%.

In other so-called 'traditional sectors' of the economy an annual increase of 2.9% was recorded.

Seasonally adjusted industrial turnover, which measures sales rather than output by manufacturing industries, was 4.9% higher in the three months to April 2007 compared with the preceding three-month period.

Total industrial output was up 12.2% in the first four months of the year, with the modern sector ahead by 15% and the traditional sector growing by 5.5%.
The chemical sector reported output up 22% in the first quarter.

IBEC, the group that represents Irish business, said the industrial sector is providing a much needed boost to the
Irish economic outlook following extensive pessimistic commentary relating to the housing sector.

IBEC economist Fergal O'Brien said: 'This is the strongest start to the year from industry since 2000 and augurs well for the performance of the traded sectors of the economy in 2007'.

Alan McQuaid of Bloxam Stockbrokers pointed out that output in the chemicals sector can be extremely volatile due to the small number of large companies, developments in any of which can have a significant effect on the overall industrial production figure.

He said on the indigenous side, the beverages sector production continued to be quite strong, up just over 25.5% on an annual basis in the three months to April.