Ireland Industry March 2022

Ireland

Ireland: Industrial output growth eases in March

May 9, 2022

Industrial output grew 1.7% month-on-month in seasonally-adjusted terms in March (February: +2.6% mom). The reading was largely due to a deterioration in modern sector output growth. In addition, traditional sector output decelerated.

On an annual basis, overall industrial production plunged 6.6% in March, easing from February’s 15.7% fall. Meanwhile, annual average industrial production growth fell to 3.6% in March (February: +5.3%). This signals a worsening trend in the industrial sector.

This March data on industrial production means that seasonally-adjusted industrial production rose 13.6% in seasonally adjusted quarter-on-quarter terms in Q1 as a whole. This suggests that quarter-on-quarter GDP growth in Q1 this year will likely rebound following the record contraction seen in Q4 last year.

FocusEconomics Consensus Forecast panelists project industrial production to contract 8.5% in 2022, which is down 3.7 percentage points from last month’s forecast, and to grow 4.6% in 2023.


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Ireland Industry March 2022

Note: Year-on-year and annual average variation in %.
Source: Central Statistics Office Ireland (CSO) and FocusEconomics calculations.


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