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Annual manufacturing production slides 6%

Modern sector shows annual production fall of 7.3%
Modern sector shows annual production fall of 7.3%

New figures from the Central Statistics Office show that manufacturing production for the month of July was 6% lower than the same time last year.

The CSO says the seasonally adjusted volume of industrial production for the three months from May to July fell by 0.3% from the preceding three-month period.

The figures show that the modern sector - which comprises high technology and chemical sectors - showed an annual fall of 7.3%. The traditional sector saw a decline of 3.8%.

Bloxham economist Alan McQuaid described the figures as disappointing. He said they provided "clear evidence" that manufacturing was coming under pressure from the slowdown in the world economy and the fall-off in global demand.