The pace of industrial production picked up in July, with seasonally adjusted output levels rising 4.9 per cent higher than in June, according to latest figures from the Central Statistics Office (CSO). Year-on-year, production rose by 8.2 per cent.
Output from the so-called "modern" sectors of chemicals, pharmaceuticals and computer products was, in seasonally adjusted terms, 6.1 per cent higher than in June and 10.4 per cent higher than in August 2005.
In other so-called "traditional sectors" of the economy, output rose by 1.3 per cent month-on-month and by 4.8 per cent year-on-year.According to a breakdown provided by the CSO, the modern sector accounts for almost two-thirds of the value of industrial output, but only one-third of industrial employment.
Growth in the modern sector was strong across most industry sectors, but overall growth in the traditional sector masked serious output decline in textile, clothing, dairy and basic manufacturing in the second quarter of the year.
The breakdown is not available for July.
Dermot O'Leary of Goodbody stockbrokers said that the momentum of growth would continue into the third quarter, but would remain unbalanced between the two categories of industry.
