Ireland: Industrial production contracts at softer pace in June
July 6, 2015
Industrial production dropped 2.0% in June over the previous month in seasonally-adjusted terms, marking a softer drop than the 5.6% decrease tallied in May. According to the Central Statistics Office (CSO), the improvement mainly reflects a notable recovery in the “modern” sector, which includes pharmaceuticals, chemicals, and high-tech. Conversely, the “traditional” sector swung into contraction in June.
In annual terms, industrial production tallied a 27.3% expansion in June, which contrasted the 1.1% increase recorded in May. Meanwhile, the trend improved as annual average growth in industrial production advanced from May’s 18.7% to 21.0% in June.