Ireland: Industrial production rebounds in November
January 10, 2014
In November, industrial production expanded a seasonally and working-day adjusted 12.8% over the same month of the previous year, which greatly contrasted the 0.8% decrease tallied in October. The increase marked the highest growth since December 2010. According to the Central Statistics Office (CSO), the reading reflects a massive increase in the "modern" sector, which includes chemicals, high-tech and pharmaceuticals.
On a monthly basis, industrial production increased 11.7% over the previous month in seasonally-adjusted terms, which contrasted the 6.3% decrease tallied in October. Meanwhile, annual average growth in industrial production rose from minus 1.6% in October to minus 0.1% in November.
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