Growth in Ireland's industrial production far outshines EU

January output up 42%, as opposed to 2.5% for European Union...

Growth in Ireland's industrial production far outshines EU

Picture by: Niall Carson / PA Wire/Press Association Images

Ireland's industrial production rate is growing at a far greater pace than countries in the eurozone and European Union.

Eurostat's annual comparison shows that Ireland's industrial production increased 42.7% when comparing January 2016 with January 2015.

The country experiencing the second biggest growth was some way behind – Lithuania clocked in at 10.5%. Industrial production decreased in Malta (-8.9%), the Netherlands (-3.9%) and Finland (-1.9%).

Overall, there was a 2.8% increase in the euro area, and a 2.5% increase for the 28 countries in the EU. The production of non-durable consumer goods was the biggest contributor to the increase, and energy production fell across the board.

In terms of the latest monthly figures, Ireland saw a 12.7% bounce.

Estonia was the closest country when comparing January figures with December 2015, with growth of just 3.2%. Overall, the euro area rose 2.1% and the EU by 1.7% from month-to-month.

While Ireland is far out in front, it was good news for the eurozone in general, which enjoyed its fastest growth in six years.

The positive Irish output stats follow swiftly on from reports that the Irish construction sector is once again attracting significant levels of private investment.

Figures from the Building Information Index show that €6.1bn was spent on construction last year, an increase of €3bn on 2014.