Ireland: Industrial output contracts in January
The highly volatile Irish industrial production index dropped 2.6% over the previous month in seasonally-adjusted terms in January, contrasting the revised 2.9% expansion (previously reported: +3.1% month-on-month) recorded in December. According to the Central Statistics Office (CSO), January’s decline in industrial output was driven by a broad-based contraction in both the modern and traditional sectors.
In annual terms, industrial output swung from a revised 2.9% increase in December (previously reported: +3.0% year-on-year) to a 2.8% contraction in January. Meanwhile, annual average growth in industrial production was minus 1.3% in January, a slight improvement from the minus 1.8% figure observed in December.