Ireland: Manufacturing production contracts in May
July 6, 2020
Manufacturing output decreased 10.5% month-on-month in seasonally-adjusted terms in May (April: -12.2% mom).
Looking at the details of the release, modern sector output plummeted in May, while traditional sector output fell at a milder, albeit still pronounced pace.
On an annual basis, overall industrial production plunged 11.3% in May, contrasting April’s 3.6% expansion and marking the worst result since December 2018. Accordingly, annual average manufacturing output growth fell to 2.8% in May (April: +3.9%). This signals a worsening trend in the manufacturing sector.
Author: Hanna Andersson, Economist