Ireland Industry May 2021

Ireland

Ireland: Manufacturing output tumbles at quicker rate in May

July 7, 2021

Manufacturing output slid at a sharper rate of 4.5% in month-on-month seasonally-adjusted terms in May, below April’s 0.2% decline. Looking at the details of the release, the traditional sector production swung back to contraction in May, while the modern sector output fell at a quicker pace.

On an annual basis, industrial production grew at a quicker pace, expanding 29.9% in May, following April’s 28.2% rise. Moreover, annual average manufacturing production growth rose to 15.2% in May (April: +11.8% yoy), signaling an improving trend in the manufacturing sector.

FocusEconomics Consensus Forecast panelists project industrial production to grow 13.1% in 2021, which is up 2.9 percentage points from last month’s forecast. For 2022, the panel sees industrial production growth of 5.3%.


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Ireland Industry May 2021 0

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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