Ireland: Industrial sector rebounds in January
The highly volatile Irish manufacturing industries production index rebounded markedly in January, rising 16.3% in seasonally-adjusted, month-on-month terms, from a revised 12.9% contraction in December (previously reported: +14.2% month-on-month).
According to the Central Statistics Office (CSO), January’s reading reflected a return to growth in both the modern and traditional sectors. Output in the modern sector surged in the month, while the traditional sector’s expansion was relatively tepid. Looking at a more detailed breakdown of the sub-components, electrical equipment saw the most marked acceleration in production, followed by wood and wood products. Meanwhile, food products recorded the biggest decline in the index.
Industrial production growth, in annual terms, declined 8.6% over the same month of the previous year in January, following a 17.4% year-on-year contraction in December. Meanwhile, the annual average variation in industrial output swung to contraction, declining 0.9% in January, which contrasted growth of 0.5% in December.