Ireland: Contraction in industrial production less severe in January
March 7, 2014
In January, industrial production contracted a seasonally- and working-day adjusted 1.0% over the same month last year, which was up from the hefty 6.7% contraction tallied in December. According to the Central Statistics Office (CSO), the reading reflects that the drop in output in the “modern” sector, which includes chemicals, high-tech and pharmaceuticals, was only partially offset by growth in the “traditional” sector. On a monthly basis, industrial production increased 0.9% over the previous month in seasonally-adjusted terms, which contrasted the 2.2% decrease tallied in December. Meanwhile, annual average growth in industrial production increased from minus 1.7% in December to minus 1.4% in January. FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.7% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, the panel sees industrial production rising 2.6%.
Author: Carl Kelly, Economist