To reinforce my earlier point that, unlike the other PIIGS, Ireland has a relatively healthy industrial/exports sector - though a narrowly based one.

Industrial production rises 13.7% in February - The Irish Times - Fri, Apr 09, 2010

Annual industrial production rose 13.7 per cent in February compared to the same month in 2009, the Central Statistics Office said today.

Turnover was 3.6 per cent lower compared with February 2009.

The rise in volume was driven by growth in the production of basic pharmaceutical products and preparations, which rose 33.4 per cent. This was offset by a 32.3 per cent decline in the production of computer, electronic and optical products.

The "modern" sector, which includes high-technology and chemical sectors, gained 18.5 per cent for the month, while the traditional sector rose marginally at 0.5 per cent.

Seasonally adjusted figures show the volume of industrial production for the three-month period to the end of February 2010 was 5.7 per cent higher than the preeceeding quarter.

Turnover in the same period was up 4.3 per cent for manufacturing industries.

"In overall terms, the figures for 2009 weren't too bad all things considered, even though it was the `multi-national' sector that was once again the main output driver. However, given the positive start to 2010, there is every chance that we will see a healthy average increase in manufacturing output this year," said Bloxham's chief economist Alan McQuaid.

"The industrial output data are consistent with Ireland's external trade figures, as they clearly show a performance which is better than the global average, but in effect completely driven by a healthy chemicals sector, which can be quite volatile at the best of times. Chemicals account for over 50 per cent of Ireland's merchandise exports, and the fact that the products produced in this industry tend to be less cyclical than other sectors is a huge plus in times of recession."

notes from no w here