Ireland: Industrial production decelerates in December on fading base effect
January 9, 2015
In December, industrial production tallied a seasonally- and working-day adjusted 15.0% expansion over the same month of the previous year, which was down from the large 30.1% increase tallied in November. According to the Central Statistics Office (CSO), the slowdown reflects a notable deceleration in production in the “modern” sector, which includes pharmaceuticals, chemicals, and high-tech. However, output growth in the “traditional” sector picked up. The extraordinary gains that were recorded in October and November–in October an over-decade-high expansion was tallied–had partly been due to a positive base effect resulting from the expiration of several patents in 2013.
Industrial production contracted 12.4% over the previous month in seasonally-adjusted terms, contrasting the 4.6% increase tallied in November and recording the worst result in six months. Meanwhile, annual average growth in industrial production increased from 18.7% in November to 20.0% in December.