Ireland: Industrial output growth eases in March
Industrial output grew 1.7% month-on-month in seasonally-adjusted terms in March (February: +2.6% mom). The reading was largely due to a deterioration in modern sector output growth. In addition, traditional sector output decelerated.
On an annual basis, overall industrial production plunged 6.6% in March, easing from February’s 15.7% fall. Meanwhile, annual average industrial production growth fell to 3.6% in March (February: +5.3%). This signals a worsening trend in the industrial sector.
This March data on industrial production means that seasonally-adjusted industrial production rose 13.6% in seasonally adjusted quarter-on-quarter terms in Q1 as a whole. This suggests that quarter-on-quarter GDP growth in Q1 this year will likely rebound following the record contraction seen in Q4 last year.