Industrial production rose again in November, when it was running almost 16 per cent ahead of the same month last year, according to provisional figures from the Central Statistics Office published yesterday.
Production volumes in November were 1.4 per cent ahead of October, according to the figures. The trend has been volatile in previous months, with a strong 15.6 per cent monthly rise in October following a sharp 13.4 per cent decline in September.
The latest data suggest continued gains from the recovery of international markets, but further figures will be required to confirm whether production is on a steady upward course for the first time in three years .
The 15.7 per cent annual increase in November is the highest recorded this year. On a quarterly basis, the CSO figures show production in the September to November period was 1.3 per cent on average higher than in the previous three months, after adjusting for seasonal trends.
While production volumes were running well ahead of 2002 levels, many firms have suffered squeezed profit margins due to lower prices. This has particularly hit companies selling to the US, due to the fall in the value of the dollar against the euro.
However, prices are under pressure in many areas and recent CSO wholesale price figures show factory-gate prices for manufacturing down 8.4 per cent on average in the year to November, with export prices down 10.3 per cent.
