Ireland: Industrial production swings to contraction in October
The highly volatile Irish manufacturing industries production index contracted from the previous month in October, declining 0.2% in seasonally-adjusted, month-on-month terms. This contrasts September’s revised 2.7% expansion (previously reported: +2.3% month-on-month). According to the Central Statistics Office (CSO), the downturn in October was owing to a marked slowdown in both the traditional and modern sector. Behind the decline were double-digit contractions in the output of wood and wood products, and transport equipment.
Industrial output continued to lose momentum in annual terms, growing 5.5% year-on-year in October, following a revised 7.4% expansion in September (previously reported: +6.7% year-on-year). Meanwhile, annual average growth in industrial production rose to 3.2% in October from 2.0% in September.