Ireland: Industrial production contracts further in August
October 4, 2013
In August, industrial production contracted a seasonally and working-day adjusted 5.7% over the same month last year, which followed the 5.0% recorded in July. According to the Central Statistics Office (CSO), the reading reflects a substantial decrease in the "modern" sector, which includes pharmaceuticals as well as computers and electronics.
On a monthly basis, industrial production tumbled 0.8% over the previous month in seasonally-adjusted terms, following the 6.7% decrease tallied in July. Meanwhile, annual average growth in industrial production fell from minus 4.4% in July to minus 4.8% in August.
FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.9% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 1.8%, which is down 0.3 percentage points from last month's estimate.
Author: Carl Kelly, Economist