Ireland: Industrial production contracts sharply in February
April 11, 2016
Industrial production in February fell a stark 10.5% over the previous month in seasonally-adjusted terms, which contrasted with the revised 14.5% rise tallied in January (previously reported: +12.7% month-on-month). According to the Central Statistics Office (CSO), February’s result reflected contractions in the traditional and the modern sector, with the latter contracting at the fastest rate since December 2014.
In annual terms, industrial production tallied a 1.3% drop in February, which contrasted with the revised 44.1% increase recorded in January (previously reported: +43.9% year-on-year). February’s print marked the lowest reading since October 2013. Meanwhile, annual average growth in industrial production slid from 21.3% in January to 18.0% in February.