Ireland: Industrial production falls for seventh straight month in February
April 4, 2013
In February, industrial production fell a seasonally and working-day adjusted 0.2% over the same month last year, marking a seventh consecutive drop. The figure followed the 3.4% decrease observed in January (previously reported: -3.3% 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 rose 0.4% over the previous month in seasonally adjusted terms, which contrasted the 1.1% decline tallied in January. In addition, the trend points upwards, with annual average growth in industrial production rising from minus 2.0% in January to minus 1.7% in February.
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%.