Ireland Industry September 2022

Ireland

Ireland: Industrial output growth loses pace in September

November 9, 2022

Industrial output grew 11.9% in month-on-month seasonally adjusted terms in September, which followed August's 19.6% increase. September's reading was largely driven by modern sector production growth. Meanwhile, traditional sector production fell.

On an annual basis, overall industrial production grew 28.8% in September, which was notably better than August’s 7.3% expansion and marking the best result since August 2021. Accordingly, the trend improved sizably, with the annual average variation of industrial production coming in at minus 8.9%, up from August's minus 9.7% reading.

September’s print means that industrial production grew 6.1% quarter-on-quarter in seasonally adjusted terms in Q3 as a whole. This bodes well for the upcoming Q3 GDP reading.

FocusEconomics Consensus Forecast panelists project industrial production to grow 1.1% in 2023, which is down 0.9 percentage points from last month’s forecast, and 2.8% in 2024.


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Ireland Industry Chart


Ireland Industry September 2022 0

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


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