Ireland: Industrial production down in January
March 7, 2013
In January, industrial production fell a seasonally and working-day adjusted 3.3% over the same month last year. The figure followed the 0.5% decrease observed in December (previously reported: +1.6% year-on-year). According to the Central Statistics Office Ireland (CSO), the reading mainly reflected 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 1.1% over the previous month in seasonally adjusted terms, which contrasted the 4.9% increase tallied in December. In addition, the trend points downwards, with annual average growth in industrial production falling from minus 1.7% in December to minus 1.9% in January. FocusEconomics Consensus Forecast panellists expect industrial production to contract 0.3% in 2013, which is down 0.9 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 2.4%.