Industrial production in Ireland during the month of September took a battering according to figures compiled by Eurostat. The figures show that Ireland recorded the sharpest monthly drop of all EU members. The drop - 3.2pc- compares with an average of 0.2pc for all EU members. After Ireland, Germany recorded the biggest monthly fall in production at 1.4pc. The biggest increase was achieved by Luxembourg which reported a 4.2pc increase.
However, economic commentators have warned the figures can be misleading, given Ireland's heavy reliance on multinationals - many of which are keeping one eye on stock levels and output and the other on international market trends and consumption patterns. Seasonal factor were also at work, they say. Eurostat figures also show that Ireland recorded the second-highest trade surplus of E25bn. //www.fxcentre.com