Following on from last week’s post about an increase in Ireland’s industrial output, the EU areas industrial as a whole has also risen, perhaps being a positive sign for economic recovery to some extent. Figure 1, taken from this Eurostat report, shows how, after substantial falls in 2008, industrial production is on the rise again. The graph excludes the construction industry. While figures for this industry are not available in the Eurostat report, it can be envisaged that had they been included the falloff in industrial production would have been substantially lower. The recent recovery in industrial output has allowed the EU area to rise back to a little over 2005 level output.
Justin Doran is a Lecturer in Economics, in the Department of Economics, University College Cork, Ireland.