Ireland: Growth in industrial production surges in October
December 8, 2014
In October, industrial production tallied a seasonally- and working-day adjusted 38.2% expansion over the same month last year, which followed the 21.5% increase tallied in September and marked the highest reading in over a decade. According to the Central Statistics Office (CSO), the reading reflects an almost 50% annual increase in production in the “modern” sector, which includes pharmaceuticals, chemicals, and high-tech. This figure was influenced by a positive base effect resulting from the expiration of several patents in 2013. Output growth in the “traditional” sector accelerated as well.
Industrial production expanded 9.0% over the previous month in seasonally-adjusted terms, which was well above the 3.1% increase tallied in September. Meanwhile, annual average growth in industrial production increased from 13.2% in September to 17.0% in October.
Author: Carl Kelly, Economist