Ireland: Industrial production declines most in more than three years
December 4, 2012
In October, industrial production fell a seasonally and working-day adjusted 16.7% over the same month last year. The figure followed the 12.5% decrease observed in September (previously reported: -12.7% year-on-year) and marked the largest decline in the index since August 2009.
According to the Central Statistics Office Ireland (CSO), the reading mainly reflected a contraction in the so-called "modern" sector, which comprises a number of high technology and chemical industries. On a monthly basis, industrial production rose 2.7% over the previous month in seasonally adjusted terms, which contrasted the 14.8% decrease tallied in September.
As a result, the trend continues to point downwards, with annual average growth in industrial production falling from 0.4% in September to minus 2.0% in October.