Ireland: Industrial production contracts sharply in June
The highly volatile Irish manufacturing industries production index declined 9.5% over the previous month in seasonally-adjusted terms in June, contrasting a revised 4.8% month-on-month expansion in May (previously reported: +3.4% month-on-month). According to the Central Statistics Office (CSO), June’s reading reflected a contraction in both the modern and traditional sectors relative to the previous month. Manufacturing industries saw the sharpest drop in output, while grain mill and starch products; and prepared animal feeds recorded the biggest increase.
Annual industrial output growth moderated to 8.0% in June, down from 9.6% in May. Meanwhile, annual average growth in industrial production rose from minus 0.8% in May to 1.3% in June.