Ireland Industry March 2020

Ireland

Ireland: Manufacturing output expands at quickest pace since April 2018 in March

May 7, 2020

According to preliminary data, manufacturing output expanded 16.4% month-on-month in seasonally-adjusted terms in March (February: -0.1% mom; previously reported: -1.1% mom). March's figure marked the strongest rise since April 2018.

Looking at the details of the release, the modern sector—which includes the manufacture of chemicals and pharmaceuticals, computer and electronical equipment, medical and dental instruments, as well as the reproduction of recorded media—rebounded strongly in March from February, while the drop in the traditional sector lessened.

On an annual basis, overall industrial production rose at a rate of 22.9% in March (February: +0.3% yoy; previously reported: -1.1% yoy). The reading marked the best result since October 2016. Meanwhile, the trend improved with the annual average growth of coming in at 4.7%, up from February's 4.1%.

FocusEconomics Consensus Forecast panelists project industrial production to contract 6.5% in 2020, which is down 0.5 percentage points from last month’s forecast. For 2021, the panel sees industrial production growth of 4.5%.


Author:, Economist

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Ireland Industry March 20 20

Note: Year-on-year and annual average variation in %.
Source: Central Statistics Office Ireland (CSO) and FocusEconomics calculations.


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