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%.
Author: Hanna Andersson, Economist