Ireland: Industrial production maintains momentum in July
September 5, 2012
In July, industrial production increased a seasonally and working-day adjusted 4.9% over the same month last year. The figure mirrored the result observed in June (previously reported: +9.2% year-on-year) and marked the fifth consecutive monthly rise in the index. According to the Central Statistics Office Ireland (CSO), the reading mainly reflected an increase in the so-called "modern" sector, which comprises a number of high technology and chemical industries. On a monthly basis, industrial production rose a seasonally adjusted 1.0% over the previous month, which contrasted the 0.3% decline tallied in June. As a result, the trend continues to point upwards, with annual average growth in industrial production rising from 1.4% in June to 2.4% in July.