Ireland: Industrial production dips in March
May 3, 2013
In March, industrial production fell a seasonally and working-day adjusted 5.3% over the same month last year, which contrasted the 0.6% increase observed in February (previously reported: -0.2% year-on-year). According to the Central Statistics Office Ireland (CSO), the reading mainly reflects a contraction in the so-called "modern" sector, which comprises a number of high technology and chemical industries.
On a monthly basis, industrial production fell 2.2% over the previous month in seasonally adjusted terms, which contrasts the 1.1% rise tallied in February. In addition, the trend points downwards, with annual average growth in industrial production falling from minus 1.7% in February to minus 2.4% in March.
FocusEconomics Consensus Forecast panellists expect industrial production to contract 0.8% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 2.2%.