Ireland: Industrial production remains resilient in December
February 10, 2011
In December, industrial production expanded 16.9% over the same month last year, decelerating over the 18.4% increase registered in November (previously reported: +14.2% year-on-year). The December expansion was driven by growth in manufacturing, which was bolstered by strong growth in pharmaceutical production. A month-on-month analysis does not corroborate the robust growth implied by the annual figures, as industrial production contracted 1.7% over the previous month in seasonally adjusted terms. Nevertheless, the overall trend continues to improve, with annual average growth in industrial production jumping from 5.9% in November to 7.6% in December. Meanwhile, the Central Bank expects GDP to grow 2.4% in 2011.