Positive noises are coming from today’s release of the Index of Production, which showed that output is at its highest rate in nineteen months. It is now at 98.1 which the rate last hit in July 2012.
Production output for the country has increased by 2.7% between February 2013 and 2014.
The main components were manufacturing which saw an increase of 3.8%, water supply, sewerage & waste management which was up 8.5% and mining & quarrying with a 0.2% rise.
In contrast, higher than average temperatures in February 2014 have been blamed for an 8.8% decrease in electricity, gas, steam & air conditioning output.
There was also a significant increase between the January and February of this year with a general increase of 0.9%, with manufacturing being the biggest contributor with an increase of 1%. This is the third consecutive rise for the sector and their highest level of growth since September 2013.
The 0.9% rise in production was mostly supported by the manufacture of pharmaceutical products & preparations, transport equipment and food products, beverages & tobacco.
While the 98.1 level of output is a good showing, production is still lagging behind pre-recession levels of around 110, while the country has yet to touch the gains made in 2010 where rates were above 100 for most of the year.