Ireland: Industrial production contracts at markedly sharper rate in November
The highly volatile Irish manufacturing industries production index contracted sharply from the previous month in November, declining 7.9% in seasonally-adjusted, month-on-month terms. This was a marked decline compared to October’s revised 0.7 drop (previously reported: -0.2% month-on-month). According to the Central Statistics Office (CSO), November’s print was due to a marked contraction in the modern sector and a milder downturn in the traditional sector. Among the biggest declines were in the sub-categories of metals and fabricated metal products, transport and electrical equipment.
Industrial production also deteriorated in annual terms, swinging to a 10.5% contraction in November over the same month of the previous year, from a 5.4% year-on-year upturn in October. Meanwhile, annual average growth in industrial output fell to 1.9% in November from 3.2% in October.