Ireland: Industrial production surges to 6-month high in March
May 7, 2014
In March, industrial production climbed to a seasonally- and working-day adjusted 10.1% expansion over the same month last year, which followed the 2.8% expansion tallied in February and marked the largest gain in six months. According to the Central Statistics Office (CSO), the reading reflects a growth surge in the “modern” sector, which includes chemicals, high-tech and pharmaceuticals, and builds on evidence from last month that the worst effects of the patent cliff have passed. Meanwhile, there was a sharp drop in output in the “traditional” sector.
On a monthly basis, industrial production expanded 5.6% over the previous month in seasonally-adjusted terms, which was up from the 5.1% increase tallied in February and represented the highest rate since June 2013. Meanwhile, annual average growth in industrial production increased from minus 1.3% in February to minus 0.1% in March.
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