Ireland: Industrial output speeds up in February
Industrial output grew 3.7% month-on-month in seasonally adjusted terms in February (January: -26.8% mom). February’s notable rebound was partly driven by a notable rebound in modern sector production. In contrast, traditional sector output fell. 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 34.9% in February, which was notably greater than January’s 29.9% fall and marked the worst result on record. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 16.6%, down from January’s minus 11.2% reading.