Ireland: Industrial output shrinks at second-quickest pace since January in November
Latest reading: Industrial output tumbled 5.8% in month-on-month seasonally adjusted terms in November, which contrasted October’s 5.0% increase. November’s result marked the second-worst reading since January. Looking at the details of the release, the drop was due to a plummet in both the traditional and the modern sector; the output of latter tends to be volatile due to the presence of multinational-dominated industries, such as chemicals, pharmaceuticals and computers and electronics.
On an annual basis, overall industrial production fell 5.9% in November, contrasting October’s 15.9% expansion. Nonetheless, the trend improved, with the annual average variation of industrial production coming in at minus 5.9% in November, up from October’s minus 6.5% reading.