Ireland: Industrial sector returns to growth in March
May 7, 2019
The highly volatile Irish manufacturing industries production index rose 1.3% in seasonally-adjusted, month-on-month terms in March. It rebounded from a revised 0.2% decline in February (previously reported: -0.3% month-on-month).
March’s upturn was underpinned by a return to growth in the modern sector, which more than offset a notable slowdown in the traditional sector. Looking at a more detailed breakdown of the sub-components, basic metals and fabricated metal products grew at the strongest pace, followed by food products. On the flip side, electrical equipment logged the sharpest drop in output, followed closely by a steep fall in paper and paper products; printing and reproduction of recorded media.
In annual terms, industrial output growth surged to 18.5% in March, from a meagre 1.0% in February. Meanwhile, the annual average variation in industrial output was minus 1.7% in March, down from minus 0.9% in February.
Author: Nihad Ahmed, Economist