Ireland: Industrial production growth loses considerable pace in May
The highly volatile Irish manufacturing industries production index increased 3.4% over the previous month in seasonally-adjusted terms in May, following a revised 10.1% month-on-month expansion in April (previously reported: +9.2% month-on-month). According to the Central Statistics Office (CSO), May’s print was underpinned by weak growth in the modern sector and a robust pace of expansion in the traditional sector relative to the previous month. Wood and wood products, except furniture in the traditional sector registered the biggest upturn, while electrical equipment in the modern sector saw the largest contraction.
In annual terms, industrial output rebounded, growing 7.1% in May which contrasted a revised 4.0% contraction in April (previously reported: +3.8% year-on-year). Meanwhile, annual average growth in industrial production rose to minus 1.1% in May, up from minus 2.0% in April.