Ireland: Industrial production decelerates significantly in June
August 7, 2014
In June, industrial production tallied a seasonally and working-day adjusted 3.5% expansion over the same month last year, which was well below the 30.3% increase tallied in May. According to the Central Statistics Office (CSO), the reading reflects a plunge to contraction in the “modern” sector, which includes chemicals, high-tech and pharmaceuticals. Meanwhile, output in the “traditional” sector tallied an important gain.
Industrial production contracted 16.5% over the previous month in seasonally-adjusted terms, which followed the 2.5% decrease tallied in May. Meanwhile, annual average growth in industrial production increased from 8.7% in May to 9.0% in June.
Author: Carl Kelly, Economist