Ireland Industry April 2022

Ireland

Ireland: Industrial activity records largest year-on-year decrease on record in April

June 9, 2022

Industrial output plunged 9.6% in month-on-month seasonally-adjusted terms in April, which contrasted March's 1.0% increase. April's reading was partly due to a deterioration in modern sector output. In addition, traditional sector production fell.

On an annual basis, overall industrial production nosedived 28.7% in April (March: -7.3% yoy), the worst result on record. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.3%, contrasting March's plus 4.0% reading.

FocusEconomics Consensus Forecast panelists project industrial production to contract 6.6% in 2022, which is up 2.3 percentage points from last month’s forecast, and to grow 3.9% in 2023.


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