Ireland: Industrial production contracts sharply in December
February 11, 2016
Industrial production contracted a sharp 4.3% in December over the previous month in seasonally-adjusted terms and came in below the revised 0.8% drop tallied in November (previously reported: -0.4% month-on-month). December’s print is the worst result since May 2015. According to the Central Statistics Office (CSO), December’s result reflected a broad-based drop in all components of the index with a notable fall in the “traditional” sector, which includes the mining and quarrying and utilities components.
In annual terms, industrial production tallied an 18.0% expansion in December, which came in above the 9.6% increase recorded in November (previously reported: +10.9% year-on-year). The trend now points upward, as annual average growth in industrial production rose from November’s 17.4% to 17.9% in December.