Ireland: Industrial output shrinks most in almost three years
November 6, 2012
In September, industrial production fell a seasonally and working-day adjusted 12.7% over the same month last year. The figure followed the 0.4% decrease observed in August (previously reported: -0.6% year-on-year) and marked the largest decline in the index since November 2009. According to the Central Statistics Office Ireland (CSO), the reading mainly reflected a contraction in the so-called "modern" sector, which comprises a number of high technology and chemical industries. On a monthly basis, industrial production declined 12.6% over the previous month in seasonally adjusted terms, which followed the 0.3% decrease tallied in August. As a result, the trend continues to point downwards, with annual average growth in industrial production falling from 1.4% in August to 0.3% in September.