Ireland: Industrial production contracts sharply in March
May 13, 2016
Industrial production in March fell a stark 11.2% over the previous month in seasonally-adjusted terms, which marked a sharper contraction from the revised 9.9% drop tallied in February (previously reported: -10.5% month-on-month). March’s reading also represents the worst contraction since June 2014. According to the Central Statistics Office (CSO), March’s result reflected contractions in the traditional and the modern sector, with the former contracting at double-digit rates.
In annual terms, industrial production tallied an 11.5% drop in March, which came below the revised 0.8% drop recorded in February (previously reported: +1.3% year-on-year). March’s print represents an over-three-year low. Meanwhile, annual average growth in industrial production slid from 18.0% in February to 14.4% in March.