Ireland: Industrial production plunges to lowest level in a year
December 10, 2013
In October, industrial production contracted a seasonally and working-day adjusted 7.5% over the same month last year, which greatly contrasted the 10.4% increase tallied in September. The reading marked the lowest growth since October 2012. According to the Central Statistics Office (CSO), the reading reflects a massive decrease in the "modern" sector, which includes chemicals, high-tech and pharmaceuticals.
On a monthly basis, industrial production decreased 11.6% over the previous month in seasonally-adjusted terms, which contrasted the 2.2% increase tallied in September. Meanwhile, annual average growth in industrial production rose from minus 2.8% in September to minus 2.2% in October.
FocusEconomics Consensus Forecast panelists expect industrial production to contract 1.3% in 2013, which is down 0.4 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 1.8%, which is unchanged from last month's estimate.
Author: Carl Kelly, Economist