Ireland: Industrial production rebounds in February
April 7, 2014
In February, industrial production expanded a seasonally- and working-day adjusted 2.9% over the same month last year, which contrasted the 2.6% contraction tallied in January. According to the Central Statistics Office (CSO), the reading reflects a return to growth in the “modern” sector, which includes chemicals, high-tech and pharmaceuticals, suggesting that the negative effects of the patent cliff have subsided. The result was also driven by a rise in output in the “traditional” sector.
On a monthly basis, industrial production increased 5.0% over the previous month in seasonally-adjusted terms, which contrasted the 0.3% decrease tallied in January. Meanwhile, annual average growth in industrial production increased from minus 1.6% in January to minus 1.3% in February.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.7% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, the panel sees industrial production rising 2.6%.
Author: Carl Kelly, Economist