Ireland Industry February 2021

Ireland

Ireland: Manufacturing activity rebounds in February

April 8, 2021

Manufacturing output bounced back, growing 4.8% in month-on-month seasonally-adjusted terms in February, contrasting January’s 0.6% drop. Looking at the details of the release, modern sector output grew solidly in February, while traditional sector production swung back into contraction.

On an annual basis, overall industrial production jumped 40.3% in February, picking pace from January’s 28.0% rise and logging the best reading in more than five years. Accordingly, annual average manufacturing production growth rose to 11.7% in February (January: +8.0%), signaling an improving trend in the manufacturing sector.

FocusEconomics Consensus Forecast panelists project industrial production to grow 4.2% in 2021, which is up 1.1 percentage points from last month’s forecast. For 2022, the panel sees industrial production growth of 3.5%.


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Ireland Industry February 2021

Note: Year-on-year and annual average variation in %. The modern sector includes the manufacture of chemicals and pharmaceuticals, computer and electronical equipment, medical and dental instruments, as well as the reproduction of recorded media. The traditional sector includes everything excluding the “modern” sector.
Source: Central Statistics Office Ireland (CSO) and FocusEconomics calculations.


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