Ireland: Industrial sector swings to contraction in February
April 4, 2019
The highly volatile Irish manufacturing industries production index declined 0.4% in seasonally-adjusted, month-on-month terms, contrasting a 16.3% rise in January.
According to the Central Statistics Office (CSO), February’s downturn reflected a swing to contraction in the modern sector, which offset a slight acceleration in the traditional sector. A detailed breakdown of the sub-components showed that basic metals and fabricated metal products recorded the sharpest contraction, followed by rubber and plastic products. Meanwhile, the categories of tobacco, leather, coke and refined petroleum products, transport equipment, furniture, repair and installation of machinery and equipment, saw the biggest upturn.
In annual terms, industrial output rose 0.8% in February, contrasting an 8.8% year-on-year contraction in January. Meanwhile, the annual average variation in industrial output was minus 0.8% in February, marginally up from minus 0.9% in January.
Author: Nihad Ahmed, Economist