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.