Ireland: Industrial activity dips in July
Industrial output collapsed 6.6% month-on-month in seasonally-adjusted terms in July (June: +11.7% mom). The notable weakening was partly driven by a deterioration in production in the modern sector, which includes the chemicals, pharmaceuticals, computer and electronics industries; these industries are typically volatile due to the strong presence of multinational firms. In contrast, traditional sector output rebounded.
On an annual basis, overall industrial production fell 4.0% in July (June: +1.0% yoy). Accordingly, annual average industrial production growth fell to 11.6% in July (June: +11.7%), signaling a worsening trend in the industrial sector.