Ireland: Industrial production gains further momentum in May
July 11, 2012
In May, industrial production increased a seasonally and working-day adjusted 4.3% over the same month last year, which was above the 2.2% expansion observed in April (previously reported: +2.8% year-on-year) and marked the third consecutive monthly rise. In fact, the reading represented the strongest expansion in industrial production in seven months. According to the Central Statistics Office Ireland (CSO), the reading mainly reflected an increase in the so-called "modern" sectors, which include a number of high technology and chemical industries. On a monthly basis, industrial production rose a seasonally adjusted 1.4% over the previous month, which was virtually unchanged from the 1.5% increase tallied in April. Annual average growth in industrial production rose from 0.0% in April to 0.6% in May.