Financial News: Ireland Manufacturing Output Plunges 26.3%

Ireland Manufacturing Output Plunges 26.3%

(RTTNews) - Ireland's manufacturing output contracted sharply at the end of the first quarter, preliminary figures from the Central Statistics Office showed on Tuesday.

Manufacturing output declined a seasonally adjusted 26.3 percent year-on-year in March, reversing a 28.8 percent growth in February.

On a monthly basis, output in the manufacturing sector slumped 38.1 percent from February, when it rose by 5.8 percent.

Industrial production also fell markedly by 22.8 percent in March compared to last year, following a 22.9 percent gain in the prior month.

Compared to the previous month, industrial output showed a sharp fall of 26.4 percent in March, in contrast to a 3.0 percent increase in the prior month.

During the first quarter, industrial production in manufacturing industries fell 8.2 percent compared with the previous quarter.

Production in the modern sector, which includes the chemical, pharmaceutical and computer and electronic sectors, fell by 13.7 percent in the first quarter compared with the final quarter of 2022,

Meanwhile, traditional sector production rose by 2.3 percent over the same period.

Data also showed that industrial turnover rose a seasonally adjusted 8.5 percent annually in March, while it fell 6.5 percent from a month ago.

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