Ireland: Manufacturing activity swings back into contraction in March
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.