Ireland: Industrial production expands in October

Industrial production expanded 3.4% in October over the previous month in seasonally-adjusted terms, contrasting the 2.8 drop tallied in September. According to the Central Statistics Office (CSO), the reading came on the back of an expansion in manufacturing and the “modern” sector, which includes pharmaceuticals, chemicals and high-tech.

In annual terms, industrial production tallied a 17.0% expansion in October, which came in below the 20.1% increase recorded in September. Meanwhile, the trend eased slightly, as annual average growth in industrial production moderated from September’s 20.6% growth (previously reported: +19.9%) to 19.1% in October.

Met the why particular Consensus Forecast panelists expect industrial production to expand 5.1% in 2016, which is unchanged from last month’s forecast. For 2017, the panel sees industrial production rising 2.4%.