Ireland: Industrial activity drops at sharpest rate since July 2022 in March
Industrial output collapsed 26.3% month on month in seasonally adjusted terms in March (February: +3.0% s.a. mom). The outturn marked the worst reading since July 2022. March’s notable weakening was largely driven by the modern sector—which includes chemicals, pharmaceuticals, computers and electronics—which plummeted 48%. In contrast, the traditional sector—which covers all other industries—grew 6.9%.
On an annual basis, overall industrial production dove 22.7% in March, contrasting February’s 22.9% expansion and marking the worst result on record. Moreover, the trend pointed down, with annual average growth in industrial production coming in at 16.4%, down from February’s 20.6%.