Ireland: Industrial production declines in February
April 11, 2011
In February, industrial production contracted 0.4% over the same month the year before, contrasting the 3.4% expansion observed in January (previously reported: +1.4% year-on-year). The February result reflected the fading of the favourable base effect, which had supported industrial production readings in recent months. At a sector level, the February reading was the result of a contraction in public utilities as well as mining and quarrying, while only meagre growth was observed in manufacturing production (+0.2% yoy). A month-on-month analysis confirms the deterioration implied by the annual figures, as industrial production contracted 2.4% over the previous month in seasonally adjusted terms. The trend deteriorated in February, as annual average growth slowed to 7.1% after reaching 7.5% in January, which represented the strongest print in more than four years.