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Ireland Industrial production January 2024

Ireland: Industrial output drops at sharpest pace since March 2023 in January

Industrial output plunged 28.9% in month-on-month seasonally adjusted terms in January, which contrasted December’s 19.0% increase. The result marked the worst reading since March 2023. The reading was largely due to a deterioration in modern sector output. The modern sector includes the chemicals, pharmaceuticals, computer and electronics industries, which are typically volatile due to the strong presence of multinational firms.

On an annual basis, overall industrial production plunged 32.0% in January (December: +32.2% yoy), the worst result on record. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 12.0% in January, down from December’s minus 7.5%.

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