Ireland: Contraction in industrial output deepens in February
April 10, 2018
The highly volatile Irish industrial production index dropped 3.8% over the previous month in seasonally-adjusted terms in February, below the revised 2.1% contraction (previously reported: -2.6% month-on-month) recorded in January. According to the Central Statistics Office (CSO), February’s print reflected declining output in the modern sector, which more than offset an expansion in the traditional sector. Meat and meat products, transport equipment and electrical equipment were the components that recorded the steepest drops in the modern sector.
In annual terms, industrial output swung from a revised 2.0% decline in January (previously reported: -2.9% year-on-year) to a 3.0% expansion in February. Meanwhile, annual average growth in industrial production was minus 0.2% in February, an improvement from the minus 1.1% figure observed in January.
Ireland Industrial Production Forecast
FocusEconomics Consensus Forecast panelists expect industrial production to grow 2.7% in 2018, which is down 0.6 percentage points from last month’s forecast. For 2019, the panel sees industrial production growing 1.4%.
