Ireland: Industrial production contracts for third straight month in January
March 13, 2012
In January, industrial production decreased a seasonally and working-day adjusted 0.5% over the same month last year, which was less than the 3.5% decline tallied in December (previously reported: -4.7% year-on-year) but still represented the third consecutive monthly contraction. According to the Central Statistics Office Ireland (CSO), the reading mainly reflected a decline in the ?traditional? industries, while production in the ?modern? sectors, which includes a number of high technology and chemical industries, increased. On a monthly basis, industrial production increased a seasonally adjusted 0.7% over the previous month, which was below the 2.6% expansion recorded in December. Annual average growth in industrial production fell from 0.2% in December to 0.0% in January.