Ireland: Contraction in industrial production eases in March
May 11, 2018
The highly volatile Irish industrial production index contracted 7.3% over the previous month in seasonally-adjusted terms in March, marking a smaller drop than the 9.9% month-on-month fall in February. According to the Central Statistics Office (CSO), March’s reading reflected a double-digit contraction in the modern sector and a softer drop in the output of the traditional sector. Paper and paper products; printing and reproduction of recorded media in the traditional sector declined by the biggest magnitude, while electrical equipment in the modern sector, and wood and wood products, except furniture in the traditional sector were the categories that showed the biggest upturn.
In annual terms, industrial output contracted 9.9% in March following a meagre 0.2% drop in February (previously reported: +3.0% year-on-year). Meanwhile, annual average growth in industrial production came in at minus 0.9% in March, contrasting a reading of 0.2% in February.
Author: Nihad Ahmed, Economist