Ireland: Industrial output rebounds in April
June 4, 2013
In April, industrial production rose a seasonally and working-day adjusted 1.8% over the same month last year, which contrasted the 3.4% decrease observed in March (previously reported: -5.3% year-on-year). According to the Central Statistics Office Ireland (CSO), the reading mainly reflects a rebound in the so-called "modern" sector, which comprises a number of high technology and chemical industries.
On a monthly basis, industrial production rose 3.0% over the previous month in seasonally adjusted terms, which contrasts the 1.6% decline tallied in March. In addition, the trend points upwards, with annual average growth in industrial production rising from minus 2.6% in March to minus 2.2% in April.
FocusEconomics Consensus Forecast panellists expect industrial production to contract 0.8% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 2.2%.