Ireland: Industrial production continues to moderate in January
March 9, 2015
In January, industrial production tallied a seasonally- and working-day adjusted 10.6% expansion over the same month last year, which was down from the 14.6% increase tallied in December. The print represented the lowest gain since June of last year and a third consecutive moderation. According to the Central Statistics Office (CSO), the slowdown reflects a slower production in the “traditional” sector. Conversely, production in the “modern” sector, which includes pharmaceuticals, chemicals, and high-tech, picked up compared to December. The extraordinary gains that were recorded in October and November–in October an over-decade-high expansion was tallied–had partly been due to a positive base effect resulting from the expiration of several patents in 2013.
Industrial production contracted 0.1% over the previous month in seasonally-adjusted terms in January, marking an improvement over the 11.9% decrease tallied in December. Meanwhile, annual average growth in industrial production inched up from 20.0% in December to 20.3% in January.