Ireland: Industrial output continues to decline in May
July 5, 2013
In May, industrial production fell a seasonally and working-day adjusted 8.0% over the same month last year, which was below the 2.1% decrease observed in April (previously reported: -1.8% year-on-year). According to the Central Statistics Office (CSO), the reading mainly reflects a decline in the so-called "modern" sector, which comprises a number of high technology and chemical industries.
On a monthly basis, industrial production fell 2.7% over the previous month in seasonally adjusted terms, which contrasts the 2.2% increase tallied in April. As a result of the sharp decline in annual terms in May, the trend continues to point downwards, with annual average growth in industrial production falling from minus 2.5% in April to minus 3.6% in May.
FocusEconomics Consensus Forecast panellists expect industrial production to contract 0.6% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 2.3%.