Ireland: Industrial production accelerates in November
January 10, 2011
In November, industrial production expanded 14.2% over the same month last year, accelerating over the 7.7% increase recorded in October. The November expansion was driven by manufacturing, which rose 15.7% over the same month last year (October: +8.8% year-on-year) on the back of strong growth in pharmaceutical production and electronics. Moreover, electricity, gas, steam and air conditioning improved and grew 5.4% (October: +2.4% yoy). On the other hand, the decline in mining and quarrying deepened, contracting 19.9% in November (October: -18.9% yoy). A month-on-month analysis does not corroborate the resilient growth implied by the annual figures, as industrial production contracted 1.1% over the previous month in seasonally adjusted terms. However, the overall trend continues to improve, with the annual average variation in industrial production jumping from 3.0% in October to 5.6% in November.