Ireland: Industrial production declines for the first time in 6 months
October 5, 2012
In August, industrial production decreased a seasonally and working-day adjusted 0.6% over the same month last year. The figure contrasted the 4.2% increase observed in July (previously reported: +4.9% year-on-year) and marked the first decline in the index since February. According to the Central Statistics Office Ireland (CSO), the reading reflected a fall in the so-called "traditional" sector, which comprises the mining and quarrying sector, public utilities as well as the majority of the manufacturing industries. On a monthly basis, industrial production was flat over the previous month in seasonally adjusted terms, which was below the 0.8% rise tallied in July. As a result, the trend now points downwards, with annual average growth in industrial production falling from 2.3% in July to 1.4% in August.