Ireland: Industrial production contracts in March
May 11, 2011
In March, industrial production declined 5.4% over the same month last year, contrasting the subdued, albeit positive 0.3% expansion observed in February (previously reported: -0.4% year-on-year). The March result reflected falling production in the basic pharmaceuticals as well as in the beverages sectors. Consequently, manufacturing production contracted 5.5%, contrasting the meagre 0.8% expansion observed in February. A month-on-month analysis confirms the deterioration implied by the annual figures, as industrial production shrank 1.0% over the previous month in seasonally adjusted terms. As a result, the trend continued to point downwards in March, as annual average growth slowed from 7.2% in February to 6.2% in March.