Ireland: Industrial production growth slows in August but trend continues to improve
October 11, 2010
In August, industrial production dropped a seasonally adjusted 13.6% over the previous month, which contrasted the 3.8% expansion registered in July (previously reported: +3.2% month-on-month). The slowdown over the previous month was mainly the result of weaker manufacturing output, which plunged 16.4%, contrasting the 4.3% increase recorded in July. Within manufacturing, production of pharmaceuticals and electrical equipment slowed markedly over the previous month. On an annual basis, industrial production expanded 9.6% in August, which was down from the 12.8% expansion registered in July (previously reported: +12.1% year-on-year). As a result of the August reading, the trend continues to point upwards, as annual average variation in industrial production turned from minus 1.4% in July to plus 0.6% in August, marking the first positive reading in annual average industrial production since November 2008.
Author: Armando Ciccarelli, Head of Data Solutions