Ireland: Industrial production tumbles in December
February 11, 2014
In December, industrial production contracted a seasonally- and working-day adjusted 6.7% over the same month of the previous year, which was a vast contrast to the 4.1% increase tallied in November. The decrease marked the lowest growth rate in seven months. According to the Central Statistics Office (CSO), the reading reflects a massive drop in output in the "modern" sector, which includes chemicals, high-tech and pharmaceuticals.
On a monthly basis, industrial production decreased 2.1% over the previous month in seasonally-adjusted terms, which contrasted the 3.5% increase tallied in November. In the full year 2013, industrial production contracted 1.8%, which was below the 1.5% contraction tallied in 2012.
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