Ireland Industry March 2021

Ireland

Ireland: Manufacturing activity swings back into contraction in March

May 7, 2021

Manufacturing output tumbled 2.3% in month-on-month seasonally-adjusted terms in March, contrasting February’s 4.7% increase. Looking at the details of the release, modern sector output swung back into contraction in March and traditional sector production slid at a sharper rate.

On an annual basis, overall industrial production lost significant steam, growing 2.3% in March, easing markedly from February’s 40.2% jump. Accordingly, annual average manufacturing production growth dropped to 9.6% in March (February: +11.7%), albeit still signaling an improving trend in the manufacturing sector.

FocusEconomics Consensus Forecast panelists project industrial production to grow 10.3% in 2021, which is up 6.1 percentage points from last month’s forecast. For 2022, the panel sees industrial production growth of 3.4%.


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Ireland Industry March 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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