Ireland: Industrial activity deteriorates in December
Industrial output sank 8.6% in month-on-month seasonally-adjusted terms in December, which contrasted November’s 10.6% increase. December’s weakening was partly due to a deterioration in modern sector output. In addition, traditional sector output fell.
On an annual basis, overall industrial production plunged 6.8% in December (November: +42.8% yoy), the worst result since July. Meanwhile, annual average of industrial production was 0.7% in December, matching November’s result.
FocusEconomics Consensus Forecast panelists project industrial production to grow 2.3% in 2023, which is up 0.3 percentage points from last month’s forecast, and 2.7% in 2024.