Ireland: Industrial production contracts significantly in July
September 16, 2013
In July, industrial production contracted a seasonally and working-day adjusted 7.6% over the same month last year, which contrasts June's increase of 3.0%. According to the Central Statistics Office (CSO), the reading reflects a substantial decrease in the "modern" sector.
On a monthly basis, industrial production tumbled 8.7% over the previous month in seasonally-adjusted terms, which contrasts the 9.3% increase tallied in June and represents the sharpest contraction since September 2012. Annual average growth in industrial production fell from minus 3.6% in June to minus 4.6% in July, accelerating the downward trend.
FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.6% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 2.3%.
Author: Carl Kelly, Economist