Ireland: Industrial production picks up in February
April 9, 2015
In February, industrial production tallied a seasonally- and working-day adjusted 28.8% expansion over the same month last year, which was up from the 12.4% increase recorded in January. The print represented the first acceleration after three consecutive months of moderating production. According to the Central Statistics Office (CSO), the pickup largely reflects increased production in the “modern” sector, which includes pharmaceuticals, chemicals, and high-tech. Production in the “traditional” sector also accelerated compared to January, even though to a much lesser extent.
Industrial production rose 16.3% in February over the previous month in seasonally-adjusted terms, marking a significant improvement over the mild 0.8% increase tallied in January and representing the largest gain on record. Meanwhile, the trend continued to improve as annual average growth in industrial production inched up from 20.4% in January to 21.6% in February, recording the best reading on record.