Manufacturing up
PRODUCTION for manufacturing Industries for October 2012 was up 3.1 per cent than in September 2012 according to the latest figures from the CSO.
However, on an annual basis production for October 2012 decreased by 17.9 per cent when compared with October 2011.
The “Modern” Sector, comprising a number of high-technology and chemical sectors, showed a monthly increase in production for October 2012 of 7.0 per cent. There was a decrease of 0.8 per cent in the “Traditional” Sector.
Increase in new car sales
Figures released from the SIMI (Society of the Irish Motor Industry) show a slight increase in new car sales of 105 cars (13 per cent) in November (883) compared to 778 in November last year.
Sales for the year are down by 12 per cent, however.
“New car sales are down 10,000 on last year and given that each new car generates €7,700 in tax for the Government, this represents a reduction of €80 million in the tax take from the Motor Industry,” said Alan Nolan, Director General SIMI.
“All indications are that we are facing a VRT increase in the Budget but clearly increased sales will deliver far more in tax revenues to the State than increasing the tax rates. Decreasing car sales also impact on employment with overall jobs in the Motor Industry reducing from 39,400 last year to 35,700 by the middle of this year. With new car projections for next year at 75,000, the level of employment in the Industry is set to fall further next year. At least for consumers any increase in VRT is likely to have a knock-on effect on the value of the second hand being traded-in and with quality used cars in very short supply, they are still likely to do well in the current market environment.”
