Ireland: Industrial production rebounds to highest level in nearly two years
November 7, 2013
In September, industrial production expanded a seasonally and working-day adjusted 11.7% over the same month last year, which greatly contrasted the 5.7% drop tallied in August. The reading marked the highest growth since October 2011. According to the Central Statistics Office (CSO), the reading reflects a substantial increase in the "modern" sector, which includes chemicals, high-tech and pharmaceuticals.
On a monthly basis, industrial production increased 2.9% over the previous month in seasonally-adjusted terms, which contrasted the 0.8% decrease tallied in August. Meanwhile, annual average growth in industrial production rose from minus 4.8% in August to minus 2.8% in September.
FocusEconomics Consensus Forecast panelists expect industrial production to contract 1.3% in 2013, which is down 0.4 percentage points from last month's forecast. For 2014, the panel sees industrial production rising 1.8%, which is unchanged from last month's estimate.
Author: Carl Kelly, Economist