The total value of products manufactured and sold by Irish based enterprises increased by 15.3% to €133 billion in 2016. The CSO found that the overall star performer was the Irish pharmaceutical sector, which has witnessed a phenomenal increase of 128% in total net selling value since 2014.
In 2014, the total value of products manufactured and sold by Irish based pharmaceutical companies was €25.5 billion. In 2016, this figure rose to a staggering €58.3 billion in value terms. The pharmaceutical manufacturing and chemical sectors combined now represent over 56% of total Irish industrial production, in value terms.
Another star performer, who despite a strong Euro and uncertainty surrounding Brexit continues to soar and witnessed growth of 4.7% in 2016, is the Irish food sector. It is notable that there was a huge increase in the value of food preparations for infants (+72%). This subsector is now valued at €1.3 billion annually. Skimmed powder milk in packaging more than 2.5kg witnessed and annual increase of 214%.
Irish food products were worth €21.4 billion in 2016, which represents a significant increase on the €17.7 billion valuation in 2014.
Irish manufacturing, except for mining and quarrying, transport equipment, paper and paper products continued to soar in value terms in 2016. This is despite a relatively strong Euro against the dollar and sterling and huge uncertainty because of the Brexit vote.