Ireland: Industrial production plummets in February
April 12, 2017
The highly volatile Irish industrial production index plunged 15.5% from the previous month in seasonally-adjusted terms in February, contrasting the revised 3.4% increase observed in January. According to the Central Statistics Office (CSO), February’s contraction reflected a drop in the traditional and modern sector, the latter of which dropped at a double-digit rate in the surveyed month.
In annual terms, industrial output worsened from a revised 9.3% drop in January (previously reported: -9.4% year-on-year) to a sharper 9.9% contraction, the worst reading in 11 months. Meanwhile, annual average growth in industrial production edged down from a 2.4% decline in January to a 2.5% drop in February, the worst print since October 2013.