| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Last Updated: Oct 12, 2009 - 7:24:45 AM

Irish annual industrial production plunged 13.9% in August 2009 after 8.9% rise in July; Annual sales dipped 23.6%
By Finfacts Team
Oct 9, 2009 - 12:45:40 PM

Email this article
 Printer friendly page

Source: CSO

On an annual basis Irish industrial production for Manufacturing Industries for August 2009 was 13.9% lower than in August 2008, the CSO said today, compared with 8.9% in the year to July. Sales are down 23.6%.

The annual rise to June 2009 was 4.3%.

US-owned companies dominate Irish manufacturing, led by chip giant Intel but it's the pharmaceutical/medical devices sector that has shone during the recession.

People easy latch onto good data but the nature of batch chemical production is that it is volatile and in some cases because of tax issues, including patents placed in Ireland, which take advantage of a zero tax on patent income, there may well be little processing involved.

The pharmaceutical/medical devices sector accounts for 56% of Irish merchandise exports.

The monthly overall change in August, compared with July was a fall of 18.1% and a drop in sales of 9.3%.

Food and beverages rose 11% in August; the monthly drop in the pharma categories was above 40%.

So in July, before the holiday period, there was a lot of activity to ship products from the pharma sector.

The sectors contributing most to the change were: Basic pharmaceutical products and preparations (-13.7%), Computer, electronic and optical products (-37.1%) - - closure of Dell Computer's plant in Limerick, reflected in this data --  and Other manufacturing (+35.1%).

The seasonally adjusted volume of industrial production for Manufacturing Industries for the three month period June to August 2009 was 3.6% higher than in the preceding three month period.

The “Modern” Sector, comprising a number of high-technology and chemical sectors, showed an annual decrease in production for August 2009 of 14.1% while a decrease of 12.8% was recorded in the “Traditional” Sector.

The seasonally adjusted industrial turnover index for Manufacturing Industries was 12.6% lower in the three month period June to August 2009 when compared with the preceding three month period. On an annual basis turnover was 23.6% lower when compared with August 2008.

Commenting on the figures, IBEC chief economist David Croughan said that in the eight months to August manufacturing output was 2% down on the same period of 2008. This was not a bad performance given the collapse of global markets and the intense pressures manufacturers were operating under as a result of the fall in the value of key currencies such as sterling and the dollar.

When you see the volume of Manufacturing production fall by 13.8% but the value of output falling by 23.5%, it gives you some idea of how much manufacturers are reducing prices and how great the squeeze on margins is,” he said.

He pointed out that while the output of the pharmaceutical sector had risen by 15.6% in the first eight months of the year, it was a concern that the output of the normally resilient ICT sector had fallen by over 25%. In the traditional sectors output had fallen by 15%. New orders in the three months to July were running 10% below the same period of 2008 and in August – probably not the most reliable month because of the holiday season – orders were down 23%.

“This does not suggest that output is likely to recover any time soon” he said, “and emphasises the need to become more competitive by reducing costs and wages.”

Related Articles
Related Articles

© Copyright 2009 by Finfacts.com

Top of Page

Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%